general purpose financial statements

general purpose financial statements
The annual accounts and report prepared by companies; they are intended to serve the needs of many users and are therefore regarded as general purpose documents. Specific purpose statements are sometimes prepared to meet the needs of a particular group of users. However, as many annual report and accounts are over 80 pages in length it would not be practical to extend them further in an attempt to meet more closely the needs of the special groups of users. Therefore general purpose financial statements are often regarded as compromise documents designed to satisfy to a large extent the information needs of a number of different groups. Recent changes in legislation and the increasing complexity of accounting standards have resulted in statements that are likely to be understood only by the financially sophisticated. In the USA the usual term is all-purpose financial statements.

Accounting dictionary. 2014.

Поможем написать реферат

Look at other dictionaries:

  • all-purpose financial statements — See: general purpose financial statements …   Accounting dictionary

  • financial statements — The annual statements summarizing a company s activities over the last year. They consist of the profit and loss account, balance sheet, statement of total recognized gains and losses, and, if required, the cash flow statement, together with… …   Accounting dictionary

  • Financial statements — (or financial reports) are formal records of a business financial activities. In British English, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used,… …   Wikipedia

  • Financial accountancy — (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The… …   Wikipedia

  • Financial Reporting Council of Nigeria — Formation 1982 Type Regulatory body Purpose/focus Set standards for accountancy in Nigeria Headquarters Lagos, Nigeria Official lan …   Wikipedia

  • Financial modeling — is the task of building an abstract representation (a model) of a financial decision making situation.[1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or a portfolio, of a… …   Wikipedia

  • Financial audit — A financial audit, or more accurately, an audit of financial statements, is the examination by an independent third party of the financial statements of a company or any other legal entity (including governments), resulting in the publication of… …   Wikipedia

  • Financial ratio — Corporate finance …   Wikipedia

  • General ledger — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts  …   Wikipedia

  • Financial Accounting Standards Board — Infobox Non profit Non profit name = Financial Accounting Standards Board Non profit Non profit type = founded date = 1973 founder = location = Norwalk, Connecticut origins = Board Members = Robert H. Herz, ChairmanGeorge J. Batavick,… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”