The IASB and FASB Boards Have Agreed That the Objective

question 55

Multiple Choice

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 external users in making decisions in their capacity as capital providers
• 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 useful to government regulators in making decisions in their capacity as capital markets monitors

---

Definitions:

Equal Opportunity

The principle of treating all people the same, without discrimination, especially in employment and education.

Synergy

The collaborative effort of two or more entities, elements, or agents that results in a combined impact surpassing the total effect of their individual actions.

Differences

Characteristics that distinguish one entity from another, varying across physical attributes, opinions, behaviors, or properties.

Values

Fundamental beliefs or principles that guide behavior and decision-making, influencing an individual's or organization's actions and priorities.