"Every entity (profit or not) exists to realize value for its stakeholders. The organization that fails to recognize the risk from external or internal sources and fails to manage those risks, destroys value." (Frans Wauters, September 2008)

According to an often used formal definition, the word report means the observation, registration and analysis of any data, to structure into information for all stakeholders, based on accepted rules and enforced regulations internally and externally within a predefined timeframe and distinct format (source: Wikipedia, 2008).

Reports are distinguished in the following types:

1. Predefined reports. These are auto generated reports often based on data in financial systems. Those reports are created through predefined formats without any involvement of the user. Examples are: a profit & loss statement, a balance sheet, overview accounts receivable, etc.
2. Custom reports. Those reports are create by combining data from different systems, combined with information (explanatory text) added by a user. There are two types of multi source reports:
   a. internally used reports like: management report, budgets and plans, manuals, research reports, business cases, quality handbook,accounting manuals, etc.
   b. externally used reports like: quarterly- and annual report, environmental report, ISO report, Social reports, 10K, 20Fetc