A more thorough explanation:

A financial report is a document that summarizes an individual's or organization's financial condition on a specified date or for a specified period. It includes information about assets and liabilities, and can take the form of a balance sheet, income statement, or annual report.

For example, a company might produce a financial report at the end of each fiscal year to show its investors and stakeholders how much money it made, how much it spent, and what its overall financial health looks like. This report might include a balance sheet that lists the company's assets (such as cash, inventory, and property) and liabilities (such as loans and accounts payable), as well as an income statement that shows how much revenue the company generated and how much it spent on expenses like salaries, rent, and supplies.

Another type of financial report is a certified financial statement, which is examined and reported by an independent public or certified public accountant. This type of report is often required by law for certain types of organizations, such as publicly traded companies.

Overall, financial reports are important tools for understanding an individual's or organization's financial situation and making informed decisions about investments, loans, and other financial matters.