financial reporting 2008 National Leadership Conference Association Finances Essential Financial Concepts & Terminology Association Financial Statements Financial Analysis & Benchmarking The Importance of Internal Controls Operating Policies in Sarbox World
2008 National Leadership Conference
– Shows what the assets, liabilities and net assets of association were at a given point in time.
– Shows what comprised the income and expenses of the operation for a given period of time, and whether there was a gain or loss in net assets.
– Tells where the organization got the funds it used and what it spent them on. Old format had its analysis based on the chapters in assets and liabilities; the new format focuses mainly on where cash came from and how it was used.
d. What comparable information is being provided:
2. Scan the page as a whole – most statements are shown complete on one page. Once you understand major Divisions of the statement, you can work more confidently on the detail in each section.