Let's have a look at a real set of financial statements. In Felix I'm going to navigate to the Coca-Cola company page. So the ticker for Coca-Cola is ko, and on the company page, the section that we're interested in is the financial filings. Here we can see the latest 10-Q or quarterly report for the period ended on the 29th of March, 2024, and the latest annual report, the 10-K for the financial year 2023, and that covers the period ended on the 31st of December 2023. This is public information published on the SEC's website.

I'm gonna go into the 10-K because that provides more detail than the 10-Q.

Let's take a high level look at some of the contents of this annual report. The table of contents contains all of the sections required by the SEC, but let's just focus on a few key ones. Item seven is the management, discussion and analysis. As it says here, the purpose of the management discussion and analysis, or MD&A is to help the user understand the company, their operations, and present business environment. We can also see the sections of MD&A, which are a section on Coca-Cola's business, including challenges and risks, the critical accounting policies and estimates, a review of Coca-Cola's operations, and liquidity, capital resources and financial position. Information. Information. Going back to the table of contents, item 8 contains the financial statements. We can see the three main financial statements, the income statement, the balance sheet, and the cashflow statement, as well as the statement of comprehensive income and the statement of share owners equity, sometimes referred to as the statement of changes in equity.

Navigating to the notes section, which come after these financial statements. We can see that the notes start with a description of Coca-Cola's business, and they then go on to give a summary of the significant accounting policies, starting with information on which accounting principles have been used in the The preparation of these financial statements. And as it says here, these financials have been prepared in accordance with generally accepted accounting principles in the United States or US GAAP.

If we jump to the auditor's report, and I'm going to do that using the sections feature in Felix, we see that amongst other things, the auditors give their opinion that the financial statements fairly present the financial position operating results and cash flows in accordance with US GAAP. Coming back to the notes, if we scroll down in the sections, we can see the kind of things. There are notes on, for example, acquisitions and divestitures, revenues, investments, and many more. Let's pick one to look at in a bit more detail if we go to debt and borrowing arrangements. This note goes into detail and describes what makes up Coca-Cola's debt, focusing on long-term debt. We see a breakdown of the amount on the face of the balance sheet, including what currency the debt is in, so we've got US dollars, Australian dollars, Euro, and Swiss Franc, and the date on which the debt is due to be repaid.

In addition to the 10-K and 10-Q, we also have the associated press release that Coca-Cola issues when they release their financial results. Just looking at the front page of the press release, we can see it highlights key performance elements, and if you scroll further down, you'll see it provides company updates, goes into more detail on key items, gives an outlook for the next financial year, and finally contains the financial statements and a reconciliation between the reported US GAAP numbers in the financials and management's adjusted non GAAP numbers.