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Financial reporting (Qualitative characteristics(Financial information)…
Financial reporting
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Objective: Provide information about the reporting entity that is useful to existing and potential investors, lenders and creditors in making decision about providing resources to the entity
The Regulatory Framework is needed to ensure the financial statements are prepared in a standard way and provide high quality , reliable information for external users.
Definition:Financial reporting refers to statutory disclosure of general purpose financial information by limited liability entities via the annual report and accounts