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Financial reports (or financial statements ) carry the organization’s entire financial track record such as its assets, liabilities, shareholders equity, revenue, tax statements, cash flows, operating expenses, etc and its primarily devoted towards maintaining a formal record of a company's position, performance and flow of funds for a specific point of time which is issued to the service providers, vendors, suppliers, banks, stock holders, employees, government agencies, owners, and other stakeholders of the company.

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