Basic Elements of Financial Reports Most financial reports contain the following list of basic elements. For each element, identify the person(s) who prepared the element and describe the information a user would expect to find in each element. Some information is verifiable; other information is subjectively chosen by management. Comment on the verifiability of information in each element.

1. Management discussion and analysis 2. Product/markets of company 3. Financial statements 4. Notes to financial statements 5. Independent accountants’ report