Presentation of Financial Statement

General purpose financial statements are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.

Objectives:

It sets out overall requirements for the presentation of financial statements, guild lines for their structure and minimum requirements for their content.

 Purpose of Financial Statements:

The objective of general purpose financial statements is to provide information about the financial position, performance, and cash flow of an entity that is useful to wide range of users in making economic decisions. To meet the objective, financial statements provide information about entities:

·       Assets

·       Liability

·       Equity

·       Income and expenses, including gains and losses

·       Contributions by and distributions to owners in their capacity as owners; and

·       Cash flows 

     Set of Financial Statements

General features of Financial Statement

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