More seriously to come up with the answer to that

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Unformatted text preview: be inappropriate. More seriously: to come up with the answer to that question, first of all the question of what the purpose of financial reporting is, should be answered. The answer to that question is an essential building block, if not the fundament, of the framework, an essential part of the set of assumptions etc.; the framework cannot be built without it! Naarden, march 2007. P. A. Pieterse van Wijck. All rights reserved. The purpose of financial reporting has its origin in the function of an entity, which is in essence to convert resources into products for exchange in a market. The purpose of financial reporting follows as being reporting (obviously in financial, or, monetary terms) by the entity on, i.e. providing a view of, the outcome of its conversion and exchange process. The entity reports to those who have provided resources. Different resource providers will have different levels of interest in the fi...
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