The mandatory financial statements depend on each country, the most common components being the following:

The Financial Statements are useful for users since they contain data that is complemented with other information such as; The market conditions in which it operates make it possible to diagnose the policies to continue considering new trends (limitations of the financial statements). Likewise, it is said that for the presentation of the financial statements, real information must be considered to be more accurate with the results.

Financial information must meet certain qualitative characteristics in order to provide the fulfillment of its objectives and, consequently, guarantee the effectiveness of its use by its different recipients (users).

The characteristics that financial statements must meet are:

1. Compressibility: the information must be easy to understand for all users, however notes must also be added that allow the understanding of complex topics for decision making.

2. Relevance / systematization: the information will be of relative importance, when when said information is presented and omitted by mistake, it can harm and influence the decisions made.

3. Reliability: the information must be free of material errors, it must be neutral and prudent, so that it can be useful and transmit the necessary confidence to users.

4. Comparability: this information must be presented following accounting standards and policies, so that it allows easy comparison with previous periods to know the trend, and will also allow comparison with other companies.

5. Belonging: It must satisfy the needs of users.

• Integrity: All necessary data must be included so that your objectives are achieved.

• Impartiality: They must be prepared in accordance with generally accepted accounting standards and principles.

• Veracity: The balances reflected in the balance sheet or in the profit and loss account are true and accurate.

• Regulations: Explains that the balance sheet accounts and other financial statements are organized according to generally accepted accounting standards.

• Comparability: They must be feasible to compare between exercises of the same company and different companies.

Companies are required to annually submit their accounts to the Commercial Registry (a procedure known as "presentation of accounts" or "deposit of accounts"), along with the obligation to legalize their accounting records. The purpose of these procedures is to register and seal the company's information so that no subsequent changes can be made to its accounting, made official by a registrar. The recording of this data in a publicly accessible registry helps to project a faithful image of the assets and situation of the company to any public or private agent who wants to do business with it, as well as to supervise its correct compliance with tax obligations.[6]​.

Some authors claim that current financial reports fail to offer investors a complete and accurate understanding of a company's true financial situation.

Among the problems identified are the lack of uniformity in valuation and exposure principles, which makes comparison between companies difficult, and the use of different principles for revenue recognition, which can distort the amount of income reported. Additionally, some companies rely on unofficial figures to report results, which may lack auditing and accuracy. Finally, the pressure to meet short-term objectives can lead companies to manipulate their financial reports, presenting a more favorable image of their actual performance.[7]​.

The mandatory financial statements depend on each country, the most common components being the following:

The Financial Statements are useful for users since they contain data that is complemented with other information such as; The market conditions in which it operates make it possible to diagnose the policies to continue considering new trends (limitations of the financial statements). Likewise, it is said that for the presentation of the financial statements, real information must be considered to be more accurate with the results.

Financial information must meet certain qualitative characteristics in order to provide the fulfillment of its objectives and, consequently, guarantee the effectiveness of its use by its different recipients (users).

The characteristics that financial statements must meet are:

1. Compressibility: the information must be easy to understand for all users, however notes must also be added that allow the understanding of complex topics for decision making.

2. Relevance / systematization: the information will be of relative importance, when when said information is presented and omitted by mistake, it can harm and influence the decisions made.

3. Reliability: the information must be free of material errors, it must be neutral and prudent, so that it can be useful and transmit the necessary confidence to users.

4. Comparability: this information must be presented following accounting standards and policies, so that it allows easy comparison with previous periods to know the trend, and will also allow comparison with other companies.

5. Belonging: It must satisfy the needs of users.

• Integrity: All necessary data must be included so that your objectives are achieved.

• Impartiality: They must be prepared in accordance with generally accepted accounting standards and principles.

• Veracity: The balances reflected in the balance sheet or in the profit and loss account are true and accurate.

• Regulations: Explains that the balance sheet accounts and other financial statements are organized according to generally accepted accounting standards.

• Comparability: They must be feasible to compare between exercises of the same company and different companies.

Companies are required to annually submit their accounts to the Commercial Registry (a procedure known as "presentation of accounts" or "deposit of accounts"), along with the obligation to legalize their accounting records. The purpose of these procedures is to register and seal the company's information so that no subsequent changes can be made to its accounting, made official by a registrar. The recording of this data in a publicly accessible registry helps to project a faithful image of the assets and situation of the company to any public or private agent who wants to do business with it, as well as to supervise its correct compliance with tax obligations.[6]​.

Some authors claim that current financial reports fail to offer investors a complete and accurate understanding of a company's true financial situation.

Among the problems identified are the lack of uniformity in valuation and exposure principles, which makes comparison between companies difficult, and the use of different principles for revenue recognition, which can distort the amount of income reported. Additionally, some companies rely on unofficial figures to report results, which may lack auditing and accuracy. Finally, the pressure to meet short-term objectives can lead companies to manipulate their financial reports, presenting a more favorable image of their actual performance.[7]​.