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Appendix: These sections should be completed first, before you write your report. Use the proper format for each section in accordance with Generally Accepted Accounting Principles (GAAP) and note and explain differences under International Financial Reporting Standards (IFRS) where appropriate: Income statement Balance sheet Statement of retained earnings Statement of cash flows (indirect method) Ratio analysis o Liquidity – minimum of three key ratios with supporting calculations with a minimum of three years of data o Profitability – minimum of three key ratios with supporting calculations with a minimum of three years of data o Solvency – minimum of three key ratios with supporting calculations with a minimum of three years of data Vertical and horizontal analysis o Both vertical and horizontal for the income statement with a minimum of three years of data o Both vertical and horizontal for the balance sheet with a minimum of three years of data