Briefly explain in your own words the following:

• What does a balance sheet convey to readers?
• What makes a balance sheet useful? What are the limitations of a GAAP balance sheet?
• What role do disclosures play in communicating information to financial report readers?
• What extra disclosure requirements are there for SEC-registered entities?
• What is an audit? Who performs them? Why benefits from them? Who pays for them? What is in a typical audit report?
• What role do financial analysts play in the communication between entities and their stakeholders? How do they use financial reporting information?
• What high-level differences are there between US GAAP and IFRS balance sheets and disclosures?