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Identify the objective of financial reporting

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Question - Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez, controller, to prepare the company's response to a current preliminary views published by the Financial Accounting Standards Boards (FASB). Sepan knows that the FASB has a conceptual framework, and she believes that these concepts statements could be used to support the company's response to the preliminary views. She has prepared a rough draft of the response citing the objective of financial reporting.

Instructions:

A. Identify the objective of financial reporting.

B. Describe the level of sophistication expected of the users of financial information by the objective of financial reporting.

Reference no: EM131802834

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