The objective of business financial reporting, which is to provide information that is useful for making business and economic decision. Standards may be the generally accepted accounting principles of a respective country, which are typically issued by a national standard setter, or International Financial Reporting Standards, which are issued by the International Accounting Standards Board. Following are the objectives of accounting.
- Systematic recording of transactions
- Ascertainment of results of above-recorded transactions
- Ascertainment of the financial position of the business
- Providing information to the users for rational decision-making
- To know the solvency position
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