List the objectives of financial accounting as outlined in SFAC No 1: “Objective of Financial Reporting...

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Finance

List the objectives of financial accounting as outlined in SFACNo 1: “Objective of Financial Reporting by Business Enterprises."Financial Accounting

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As per the Financial Accounting Standards Board FASB the objectives of financial accounting outlined in SFAC No 1 are 1 Financial reporting is not an end in itself but is intended to provide information that is useful in making business and economic decisions 2 The objectives of financial reporting are not immutablethey are affected by the economic legal political and social environment in which financial reporting takes place 3 The objectives are also affected by the characteristics and limitations of the kind of information that financial reporting can provide The information pertains to business enterprises rather than to industries or the economy as a whole The information often results from approximate rather than exact measures The information largely reflects the financial effects of transactions and events that have already happened The information is but one source of information needed by those who make decisions about business enterprises The information is See Answer

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