Financial Reporting: – means presentation of financial Statements to stakeholders and public.
Financial Statements-mainly Statement of P&L/Profit & loss A/c and Balance Sheet.
Financial Elements: – 1. income and expenses. 2. assets, liabilities and equity
Note: financial information is provided in the statement of balance sheet to recognise assets, liabilities and equity and in the profit and loss to recognise income and expenses.
& in other statements & notes.