AccountingIntroductionFinancial information is a very important issue for the success of a company. Allow them to see if they have been successful in the past, present and help them predict your company's future performance. The form, use and people involved with financial and accounting information in a company will be developed in this report. Accounting Knowing the status of your company in every single area will allow you to improve your performance and develop strategies with a solid background for a successful operation. In the finance department of every company, different types of data and reports are used to provide the necessary information. Without this information financial managers, investors and bankers would be flying blind (Block, Hirt 2005). These are not all interest groups regarding financial information; we also have the government (for tax purposes), the general public (for investment opportunities), competition and operational areas to determine its performance. In finance there are three basic types of financial statements, the income statement, the balance sheet and the cash flow statement. The income statement is made to measure the profitability of a business over a period of time. Inform how revenue is transformed into net profit and show whether the company made or lost money during this period. The income statement should help investors and creditors determine past performance, predict future performance and evaluate the ability to generate future cash flows. This information and other non-financial data (such as the business objective or marketing strategy) will help the finance director, for example, determine how much money should be …… : McGraw – Hill.[2] Williams, January R.; Susan F. Haka, Mark S. Bettner, Joseph V. Carcello (2008). Financial and management accounting. McGraw-Hill Irwin, p. 40. ISBN 9780072996500.[3] Block, Hirt (2005). Fundamentals of Financial Management, Chapter 2 (11th ed). New York: McGraw – Hill.[4] Peter Elstrom , July 8, 2008 http://www.businessweek.com/magazine/content/02_27/b3790022.htm[5] “Presentation of Financial Statements,” IAS Standard 1, International Accounting Standards Board. http://www .iasplus.com/standard/ias01.htm. Accessed March 24, 2008.[6] "The regulatory framework for the preparation and presentation of financial statements" International Accounting Standards Board http://www.iasplus.com/standard/framewk. htm Accessed March 24, 2008.[7] “Purpose of the Financial Statement” http://en.wikipedia.org/wiki/Financial_statements Accessed March 24 2008.