nancial statements, they may be offered in a more summarized form. However, they must include as a minimum the following items: sales or gross revenues, gross profit or cost of sales, unusual or infrequent occurring items, Provision for income taxes, discontinued operations for extraordinary items, income from continuing operations, net income, primary and fully diluted earnings per share, significant changes in financial position (which is satisfied by a cash flow statement), description of what the presentation intends to report, summary of significant assumptions, and summary of significant accounting polices. Presentation that omit one or more of these minimum disclosures are partial presentations, which could include sales forecasts, projection of financial needs, projected or forecasted capital expenditures, forecasts of operating income, projection of taxes owed, and forecasts of balances in accounts such as receivables or payables. Knowing the structural, record keeping, and personal functions of a company are prerequisite for understanding and evaluating the company's financial and cost data. This knowledge comes from understanding the methods, motivation, and purpose of corporate organization; the way structuring controls the profits and losses of segments; and a company's various bases for reporting financial information. Managers need to be able to determine exactly who is responsible for each of the functions or operations of the company and how the functions or operations interact in the process of generating costs, revenues, and profits. It is seldom possible to form a judgment about the performance of an individual segment or division by inspecting the records of only that segment or division. All financial information must be analyzed together to serve useful in and out of a corporate entity....
