The IASB and FASB boards have agreed that the objective of general purpose financial reporting is to provide
A) financial information about a company that is useful to investors, lenders and other creditors
B) mainly cash flow information about a company that is useful to external users in making decisions in their capacity as capital providers
C) financial information about a company that is useful to internal users in making decisions in their capacity as capital custodians
D) financial information about a company that is used by government regulators for taxation

Question

Quizplus · Accepted Answer

The objective of general purpose financial reporting, as agreed upon by the IASB and FASB, is to provide financial information about a company that is useful to investors, lenders, and other creditors in making decisions related to providing resources to the entity.

The IASB and FASB Boards Have Agreed That the Objective