The final function of finance is financial reporting. The detail and extent of the reporting will depend upon the type and size of the organisation. The accounting function will work to create cash flow statements, balance sheets and income statements in particular. The cash flow statement is a financial statement that sets out the amount and sources of cash received by a business, or other organisation, for a period, and the cash payments made during
that period. The net cash flow is the net, summed flow of cash into or out of a business over a specific period. The balance sheet is a statement that lists the assets of a business or other organisation, at some specified point in time, together with the claims against those assets Finally, the profit and loss account, or income statement, is a statement that sets the total revenues from sales for a period against the expenses, matched with those revenues to derive a profit or loss for the period. Financial reports are independently audited to ensure they are correct. In many countries, the organisation reports must be made public.