What are financial data standards?
Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users of financial statements, including investors and creditors, so that they may make informed decisions.
Financial accounting standards are defined rules or principals governing the accounting of economic transactions. They are usually issued by a country's own accounting standards board or similar neutral organization.
Important forms of financial data include assets, liabilities, equity, income, expenses, and cash flow. Assets are what the company owns, liabilities are what the company owes, and equity is what is left for the owners of the company after the value of the liabilities are subtracted from the value of the assets.
Financial-grade API or FAPI, is a set of standards and regulatory guidelines to protect sensitive customer data and prevent bad actors from manipulating it.
FDX is a non-profit industry standards body dedicated to unifying the financial services ecosystem around common, interoperable, and royalty-free technical standards for user-permissioned financial data sharing.
By establishing GAAP, FASB ensures consistency and comparability in financial reporting, promoting transparency and confidence in financial information for various stakeholders, including investors, creditors, and the general public.
The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.
Financial statements used in evaluating overall financial performance include the balance sheet, the income statement, and the statement of cash flows. Financial performance indicators are quantifiable metrics used to measure how well a company is doing.
Financial information can be found on the company's web page in Investor Relations where Securities and Exchange Commission (SEC) and other company reports are often kept. The SEC has financial filings electronically available beginning in 1993/1994 free on their website. See EDGAR: Company Filings.
API 653 is one of the most popular standards that covers the maintenance, inspection, repair, relocation, alteration, and reconstruction of aboveground storage tanks constructed per API 650 and its predecessor, API 12C.
Who writes API standards?
API standards are developed under API's American National Standards Institute accredited process, ensuring that the API standards are recognized not only for their technical rigor but also their third-party accreditation which facilitates acceptance by state, federal, and increasingly international regulators.
API Recommended Practices (API RP)
These practices are not mandatory but are considered industry best practices. They focus on specific areas and offer guidance on how to achieve desired outcomes safely and efficiently.
FDX offers enhanced security compared to OFX due to its API-based nature and adherence to OAuth standards. By tokenizing user credentials and storing them securely, FDX minimizes the risk associated with sharing sensitive information, providing a robust security enhancement.
Open banking refers to the use of APIs to share financial data and services with third parties. Third parties typically provide technology, a service or an app to the bank's customers that makes use of the shared financial data and services.
Plaid Core Exchange is a way for financial institutions to share customers account information. safely and securely with other financial institutions. This enables customers to effortlessly. link their accounts at your fintech to thousands of financial institutions.
The FASB created the Accounting Standards Codification® (ASC) in 2009 to simplify access and provide relevant SEC guidance alongside GAAP pronouncements. The ASC groups the 800+ FASB standards by topic to reduce the amount of time and effort needed to research an issue.
The objective of this Standard is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (also known as holding enterprise) to provide financial information about the economic activities of its group.
Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organisation in the private sector for establishing standards of financial accounting and reporting in the United States of America.
There are dozens of ways to categorize your data, but the most common classification levels are stated as follows – public, private or internal, confidential, and restricted.
Typically considered the most important of the financial statements, an income statement shows how much money a company made and spent over a specific period of time.
How do you know if a company is profitable on a balance sheet?
If the balance sheet indicates that the company's assets are increasing more than the liabilities of the company every financial year, then it is very likely that the company is profitable or continuing to be more profitable.
- Be clear, concise and detailed.
- Identify all sources of revenue and expenditure.
- Provide budget versus actual comparisons.
- Clearly identify trends and special areas of concern.
- Highlight exception items.
A Financial Data Analyst analyzes financial data and prepares financial reports for management. Responsible for identifying relevant insights and compiling analytical reports that enable other employees in the organization to make sound decisions.
Examples of financial information that require financial data protection are: Credit card numbers. Credit information. Credit rating data by third-party credit analysis firms.
Oftentimes, the certified public accountant (CPA) who performs your general accounting and/or bookkeeping and prepares your annual tax return can also prepare your financial statements and, in addition, perform the appropriate service in order to meet your bank's requirements.
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