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The tax application is the percentage rate that will be applied to the company as stated in the ordinance on economic activities of industry, commerce, service or of a similar nature, the geographical spaces in municipal ordinances.
As for the financial statements, they are documents that the company must prepare at the end of the accounting year in order to know the financial situation and the economic results obtained in its activities throughout the period.
The presentation of the financial statements is of great importance since it allows the administration to make decisions based on the results, this if we take into account that the financial statements are a means of transmitting financial information which is of interest to both management and for owners, workers, treasury, creditors and investors and the general public interested in the entity.
Financial statements are reports through which users of financial information perceive the reality of companies and, in general, of any economic organization.
Taking into account the aforementioned, both authors define the financial statements as a document which contains financial information of the organization for shareholders, workers and third parties, but nevertheless, the financial statements are a means of transmitting financial information.