What is statutory reporting?

Statutory reporting refers to the process of preparing and submitting financial statements and other required reports to government authorities and regulatory bodies according to legal requirements. These reports ensure transparency, compliance with accounting standards, and fulfill obligations such as tax filings and annual returns. Statutory reporting varies by country but generally includes documents like balance sheets, profit and loss statements, and cash flow statements, all prepared according to specific accounting standards (such as IFRS or GAAP). Organizations must meet strict deadlines and accuracy standards to avoid penalties and maintain good standing with regulators.