Status report

Status report
See also
Account Analysis Time period concept Periodicity concept Managements discussion and analysis Accounting reports Non operating asset Subsidiary account Reporting entity Statement of affairs

Status report – important part of both project communications and management strategy, it's role is to update your supervisors, stakeholders or members of project team about ongoing progress. In finance, status report requires company to detail other comprehensive income and it's ingredients.

Different sorts of reports

There are many kind of reports being used in various departments. The most important are:

• Financial status reports (financial statements) - final product of accounting, consisting of all important financial informations made in period of time, that every business entity has to create. It is usually annual. The pivotal financial statements are: cash flow statement, the statement of income and balance sheet.
• Statement of accounting policies - one of the most important part in studying financial reports, which have to be complied with both legislative acts and standards of accountancy.
• Integrated reports - representative of non-financial reporting.
• Reports of foundations - additional source of information in financial statement of foundation. Besides fiscal information, it also o consists of things like the mission of foundation, presents data on its progress, or which goals were met, and where it fell short.
• Medical Case report - includes all sorts of symptoms and signs together with diagnosis, treatment, and impact of a particular patient.
• Parental report - usually used for teen HPV vaccination status, however it might be subjected to bias.

The purpose of status reports

Similar to how status reports differ in types, the functions also are distinct. Reports of foundation, for example, sums accomplishments of foundation to pursue statute goals, for which the foundation was made for. General financial report's purpose is for investors, lenders, creditors, potential investors (both local and international) clients, government and associates to rely on it while making decisions, that affect their economic safety. In conclusion, financial statements must be useful and reliable.

References

• Barrett D.C. (2018), Understanding Project Management: A Practical Guide, Canadian Scholars, Toronto
• Griffin M.P. (2015), How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Mean to You, AMA Self-Study
• Hindley B. (2016), Thriving People. Vibrant Places. A Five-Year Progress Report from the Boston Foundation, Boston Foundation, February 2016
• Martinelli R. J., Milosevic D. Z. (2016), Project Management ToolBox: Tools and Techniques for the Practicing Project Manager, John Wiley & Sons, Inc., Hoboken
• Project Management Institute (2013), A Guide to the Project Management Body of knowledge: (PMBOK Guide) - 5th Edition, Project Management Institute, Inc., Pensylwania
• Sneidere R. (2008), Accounting Policy and Quality of Financial Statements in Latvia: Analysis and Assessment”, Transformations in Business and Economics, Vol. 7 Issue 3, 2008

Author: Bartłomiej Bargiel