Financial report and closing are terms that are often used interchangeably. The difference between them is further described below.
Financial report is a set of financial statements. Its parts are the balance sheet, the income statement, and the annex to the financial report. The financial report may include cash flow statement or statement of changes in equity.
Financial closing means closing the accounting books and it is carried out to the date when the financial report is implemented (there are several types of financial reports. They are regulated by legislation. Not all types include the financial closing).
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