Major objectives of financial reporting

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Reference no: EM1355588

What are the major objectives of financial reporting?

Who are the users of financial reporting?

What type of information will each user group need? Why?

What is the purpose of Generally Accepted Accounting Principles (GAAP) and the accounting cycle?

Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why or why not?

What are some possible consequences of this course of action?

What organizations are responsible for governing financial reporting?

What are their roles?

How have the roles changed in the last 20 years?

How might their roles change in the next 20 years?

Reference no: EM1355588

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