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Meaning of financial reporting systems
The primary meaning of "financial reporting systems" refers to the processes and technologies used to gather, process, and present financial data and information.
Etymology of financial reporting systems
The term "financial reporting systems" originates from the combination of "financial," referring to matters related to money and economics, and "reporting," which means to give an account of something.
The concept of financial reporting has its roots in ancient civilizations, where financial records were kept to track trade, commerce, and taxation.
Over time, financial reporting evolved to include standardized accounting practices, auditing, and regulatory requirements, leading to the development of modern financial reporting systems.
Synonyms
Definitions
- According to Oxford Languages, financial reporting systems are defined as the methods and processes used to prepare and present financial reports, including the collection, processing, and analysis of financial data.
- * Financial reporting systems are designed to provide stakeholders with accurate and timely financial information, enabling informed decision-making.
Usage Examples
- The company implemented a new financial reporting system to improve the accuracy and efficiency of their financial statements.
- * The financial reporting system provides real-time data and analytics, enabling management to make informed decisions about investments and resource allocation.
- * The auditor reviewed the financial reporting system to ensure compliance with regulatory requirements and accounting standards.