Eddie Dukeman Services

Financial statements have been created on paper for hundreds of years. The growth of the
Web has seen more and more financial statements created in an electronic form which is
exchangable over the Web. Common forms of electronic financial statements are PDF
and HTML. These types of electronic financial statements have their drawbacks in that it
still takes a human to read the information in order to reuse the information contained in a
financial statement.

Eddie Dukhman :Financial statements are intended to be understandable by readers who

have "a reasonable knowledge of business and economic activities and accounting and
who are willing to study the information diligently."

Eddie Dukhman

Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within
the holding company. In this scenario, each company still looks independent, and has its
own customers, etc. In the other style, a bank would simply create its own brokerage
division or insurance division and attempt to sell those products to its own existing
customers, with incentives for combining all things with one company.

Financial statements may be used by users for different purposes:

* Owners and managers require financial statements to make important business

decisions that affect its continued operations. Financial analysis is then performed on
these statements to provide management with a more detailed understanding of the
figures. These statements are also used as part of management's annual report to the
stockholders.

* Employees also need these reports in making collective bargaining agreements (CBA)
with the management, in the case of labor unions or for individuals in discussing their
compensation, promotion and rankings.

* Prospective investors make use of financial statements to assess the viability of

investing in a business. Financial analyses are often used by investors and are prepared
by professionals (financial analysts), thus providing them with the basis for making
investment decisions.

* Financial institutions (banks and other lending companies) use them to decide whether
to grant a company with fresh working capital or extend debt securities (such as a long-
term bank loan or debentures) to finance expansion and other significant expenditures.

* Government entities (tax authorities) need financial statements to ascertain the

propriety and accuracy of taxes and other duties declared and paid by a company.

* Vendors who extend credit to a business require financial statements to assess the
creditworthiness of the business.

* Media and the general public are also interested in financial statements for a variety of
reasons.

Dukeman Eddie : * Venture capital is a type of private equity capital typically provided
by professional, outside investors to new, high-potential-growth companies in the interest
of taking the company to an IPO or trade sale of the business.
* Angel investment - An angel investor or angel (known as a business angel or informal
investor in Europe), is an affluent individual who provides capital for a business start-up,
usually in exchange for convertible debt or ownership equity. A small but increasing
number of angel investors organize themselves into angel groups or angel networks to
share research and pool their investment capital.

The term "financial services" became more prevalent in the United States partly as a
result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of
companies operating in the U.S. financial services industry at that time to
merge.Companies usually have two distinct approaches to this new type of business. One
approach would be a bank which simply buys an insurance company or an investment
bank, keeps the original brands of the acquired firm, and adds the acquisition to its
holding company simply to diversify its earnings.

Eddie Dukeman Services A common assumption is that financial decision makers act
rationally (see Homo economicus; efficient market hypothesis). However, recently,
researchers in experimental economics and experimental finance have challenged this
assumption empirically. They are also challenged - theoretically - by behavioral finance,
a discipline primarily concerned with the limits to rationality of economic agents.

Eddie Dukeman The financial markets can be divided into different subtypes:

* Capital markets which consist of:

o Stock markets, which provide financing through the issuance of shares or common
stock, and enable the subsequent trading thereof.
o Bond markets, which provide financing through the issuance of bonds, and enable the
subsequent trading thereof.
* Commodity markets, which facilitate the trading of commodities.
* Money markets, which provide short term debt financing and investment.
* Derivatives markets, which provide instruments for the management of financial risk.
* Futures markets, which provide standardized forward contracts for trading products at
some future date; see also forward market.
* Insurance markets, which facilitate the redistribution of various risks.
* Foreign exchange markets, which facilitate the trading of foreign exchange.

Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within
the holding company. In this scenario, each company still looks independent, and has its
own customers, etc. In the other style, a bank would simply create its own brokerage
division or insurance division and attempt to sell those products to its own existing
customers, with incentives for combining all things with one company.

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