Financial statements are very important for the management of every enterprise and budget beneficiary they provide information about efficacy of the management in general. Financial statements, whic are prepared by the budget beneficiary, consist of a balance sheet, an income statement, statement of comprenensive income, statement of revenue and expense (gains and losses), a statement of expense by the functional specification, a statemen of changes in the value of assets and liabilities, chas flow statement, liabilities report and notes to fiancial statements. Enterprises prepare a balance sheet, profit and loss report, cash flow report, a statement of comprensive income, a statement in shareholders eouity and notes to financial statement. The basis to prepare financial statement is entry of operational changes and business books. A daybook and a general ledger are the main books used for the budget and enterprise, but a subsidiary ledger differs. Inventory of the assets and liabilities has to be made before preparing a report. Financial statements of budget beneficianes and enterprises have a few differences; a different chart of accounts during entry of operational changes, different ways of acknowledgement of revenue and expense and also their determination of financial results is not the same. Budget beneficialies use modified accrual and enterprises use principle accrual. Three kinds of financial statements are common for the both; balance sheet, cash flow statement and notes to financial statements, but the balance sheet has in both cases, different elements and structure. There is also a difference in a prescribed time limits when to submit the financial statements. Budget beneficiaries have to report very often because of the control and because they are part of budget system while enterprises have to report just once a year.