CON No.1 - Concept No. 8 CHAPTER 1 OBJECTIVE OF GENERAL...

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Concept No. 8 CHAPTER 1 OBJECTIVE OF GENERAL PURPOSE FINANCIAL REPORTING
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General Purpose Financial Reporting (GPFR OR Financial Reporting) Financial reporting is a broader concept than financial statements. Provide information about: Financial position of a reporting entity The effects of transactions and other events that change a reporting entity’s economic resources and claims
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Financial Reporting EXAMPLES Financial statements which are a principal means of communicating accounting information to those outside an enterprise. Other information in corporate annual reports, prospectuses, 10K and news releases; management’s forecasts or other descriptions of its plans or expectations, and descriptions of an enterprise’s social or environmental impact.
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Environmental Characteristics of Financial Reporting Monetary exchange system Capital market system Separation of management from owners Private ownership Government involvement in economic activities
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Characteristics and Limitations of Financial Reporting Primarily financial in nature. The information is quantified and expressed in units of money
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CON No.1 - Concept No. 8 CHAPTER 1 OBJECTIVE OF GENERAL...

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