A financial report is a formal document that provides an overview of an organization's financial performance and position over a specific period. It typically includes key statements such as the income statement, balance sheet, and cash flow statement, which summarize revenues, expenses, assets, liabilities, and cash movements. These reports are essential for stakeholders, including investors, management, and regulators, to assess the financial health of the organization. Financial reports are usually prepared on a quarterly or annual basis and must adhere to specific accounting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). They help in making informed decisions regarding investments, budgeting, and strategic planning, ensuring transparency and accountability in financial management.