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Financial reporting refers to the systematic process of preparing and disseminating financial statements, including balance sheets, income statements, cash flow statements, and notes to financial statements. These reports are used by internal stakeholders such as management and external stakeholders such as investors, creditors, and regulatory bodies to assess the financial health and performance of a business entity. In international business and international financial management, financial reporting must comply with both domestic and international accounting standards, such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards). The goal of financial reporting is to provide accurate, relevant, reliable, and comparable information about a company's financial position, performance, and cash flows.