Legal English – Peter’s Pills – Lesson 65 – Financial Reporting Words

Legal English for Notaries - By Federnotizie

Financial Reporting Words

Transcript:

Hello!

Today we look at some essential words related to financial reporting tools.

Financial Statements (bilancio):

  • Financial statements are comprehensive (completi) reports that summarise the financial performance and position of a company over a specific period. They provide valuable insights (informazioni; spunti) for various stakeholders, including investors, creditors, and management.

Notes to the Financial Statements (nota integrativa):

  • The notes, or footnotes (note a piè di pagina), provide additional details and explanations related to the items presented in the financial statements (bilancio). They can include information about accounting policies, contingencies, and other relevant details that help users interpret the financial statements.

Balance Sheet (stato patrimoniale. NB: prestare molto attenzione a questo False Friend!):

  • The balance sheet is one of the financial statements and provides a snapshot (fotografia istantanea) of a company’s financial position at a specific point in time. It shows the company’s assets, liabilities, and shareholders’ equity. The basic accounting equation, Assets = Liabilities + Equity (Attivi = Passivi + Patrimonio Netto), is a fundamental principle underlying (alla base del) the balance sheet (stato patrimoniale).

Income Statement or Profit and Loss Statement (conto economico):

  • The income statement is another financial statement that shows a company’s revenues, expenses, and profits or losses over a specific period. It provides a summary of the company’s operating performance during that time frame (periodo).

Thank you very much, and see you next time for more Peter’s Pills to improve your legal English.

See more about the Financial Statements of a company here: “Financial Statements of a Company” (.PDF).


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