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The conceptual framework provides basic financial reporting objectives, underline the fundamental accounting and financial statement concepts, and provide ways to measure accounting information, recognize financial events and report them in the accounting system. Meanwhile, accounting standards issued by accounting body should be built based on an established body of concepts and objectives drawn in the conceptual framework. Both the conceptual framework and accounting standards are important resources for accountants to refer to in preparing financial statements.
REQUIRED:
Question (a) Based on the above statement, briefly explained the objectives of preparing financial statements.
Question (b) There are many users of financial report. Identify Three (3) users of financial statement and briefly explained information that they would like to know from the financial statements.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
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