old in those hills." ENTERPRISE REPORTING REQUIREMENTS Reporting requirements vary by organization and are carried out in accordance with laws, rules, regulations, and the organization's char- ter. Detailed treatment of the subject is outside the scope of this book; however, it is worth a few lines to put communications budgeting and planning in context. Financial reporting has a public or external face and an internal or proprietary face. Communications financial information is typically 100% internal and proprietary. Hardly ever does any organization make details of its communications matters public. However, as you will see shortly, the information that is released through public channels depends on accurate record-keeping and forecasting to support the accuracy and validity of the higher-level information made public. Public Reporting and Information Release Public, or external, information is limited, highly controlled, and subject to rigorous legal and other reviews before being released. Financial reports are released four times a year at the end of each quarter. The basic release includes short factual summaries of rev- enue, net income, and growth calculations. Unaudited profit and loss, balance sheet, and funds position statements are included with quarterly releases and full audited statements are included in the annual report. Figure 12-1 illustrates how financial information makes its way from information recorded each month through to quarterly and annual reports. In addition to the quarterly and annual written reports, it has become customary in recent years to communicate financial guidance with respect to expectations for meeting revenue and income growth. Underpinning the public reporting and information structure is an elaborate, detailed accounting and financial planning system. PRACTICAL IP AND TELECOM FOR BROADCAST ENGINEERING AND OPERATIONS Actual Revenue Annual Report Income Growth Shrinkage Public Information Internal Information FIGURE 12-1 Information Summary and Flow A word to the wise