Financial Reporting and Accounting is the process of collecting, analyzing and commenting on financial information to assist businesses in making better-informed decisions. It involves preparing statements like balance sheets, income statements, cash flow statements and statement of changes in equity that provide stakeholders with a clear picture of the company’s current financial status. By providing detailed insights into key financial figures such as income, expenses, liabilities, assets and equity, Financial Reporting and Accounting helps businesses accurately assess their performance and develop strategies for generating long-term success.