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There are three separate discriminators in the following diagram because of the overlap rule.
Financial Statements
Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.
Retrospective Adjustments
Adjustments made to the financial statements of previous periods to correct errors or to reflect a more accurate representation of the financial position.
Accounting Principle
Fundamental guidelines or rules that govern the accounting process, ensuring that financial statements are fair, consistent, and comprehensive.
Financial Statements
Reports that summarize the financial performance, position, and cash flows of a business over a specific period.
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