Special-purpose financial statement

A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users. A special-purpose statement may accompany a complete set of financial statements that is intended for general use, or it may be presented separately. This type of statement is usually required by a government entity, and is intended to present a specific set of information in a predetermined format. The information required and the reporting format used is laid out in a reporting framework. For example, reporting frameworks may be applied to the generation of special-purpose financial statements for tax reporting, bank reporting, and industry-specific reporting. The specialized reporting frameworks on which special-purpose financial statements are based are typically promulgated by the entities that plan to use the resulting financial statements.

Related Courses

The Balance Sheet
The Income Statement
The Statement of Cash Flows