Anatomy of the two main financial statements of the Accounting Stan dardisation System

Abstract

This article is intended as a useful guide for all current and future managers and others interested in increasing their knowledge of financial accounting, especially financial statements. Its aim is to highlight in a clear and simple
way the most representative aspects of the two main financial statements: the balance sheet and the income statement by nature, as well as the intrinsic relationship between these and the fulfilment of a company manager’s responsibilities. The research was based on a literature review on the subject under consideration, particularly in books, scientific articles and master’s dissertations. As a guiding element, this article emphasises the urgent need for management professionals to have a proper understanding of financial information, so as not to compromise the transmission of appropriate and truthful accounting data.