Question

The objective of general-purpose financial reporting in the conceptual framework is?

Answer 1

The objective of general-purpose financial reporting in the conceptual framework is to provide financial information about the entity to investors and lenders.

General-purpose financial reporting is the report that a business entity gives about its financial health, credit history, assets, etc. to present or prospective investors, lenders such as banks and financial institutions, to enable them to decide whether or not to provide loans to the entity or purchase shares in it.

The information may also be used by other entities such as credit analysts and stock market players. General-purpose financial statements may also include the income statement, balance sheet, record of cash flows, information about shareholder’s equity, and other disclosures.

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