Which of the following statements concerning the objectives of financial reporting is correct?
A) The objectives are intended to be specific in nature.
B) The objectives are directed primarily toward the needs of internal users of accounting information.
C) The objectives were the end result of the FASB's conceptual framework project.
D) The objectives encompass not only financial statement disclosures,but other information as well.

Question

Quizplus · Accepted Answer

The objectives of financial reporting include not only financial statement disclosures, but also other information that may be useful to financial statement users. These objectives were developed by the FASB's conceptual framework project and are meant to provide general guidance for financial reporting. They are not intended to be specific in nature and are directed toward both internal and external users of accounting information.

Which of the Following Statements Concerning the Objectives of Financial