When you hear the term financial statements, it refers to the reports that a company or organisation must prepare at the end of each accounting period. These reports are based on standards that say what information must be included, and they can be found in something called an applicable financial reporting standard or a non-GAAP standard. You can think of financial statements as a snapshot of how the company is doing financially at a particular point in time.

The financial statements include the main reports, as well as any extra notes that provide more information about those reports. These notes are also required by the applicable financial reporting standard or non-GAAP standard. This means that when you look at a company's financial statements, you will see the main reports and any extra information that helps explain them.