According to the IASB and adopted by the AASB,the primary objective of financial reporting is to provide information:
A)about the profitability of the business.
B)that is useful for decision making,particularly for investors and lenders.
C)to the federal government.
D)regarding the cash flows of the business.

Question

Quizplus · Accepted Answer

The International Accounting Standards Board (IASB) and the Australian Accounting Standards Board (AASB) have both adopted the primary objective of financial reporting as providing information that is useful for decision making, particularly for investors and lenders. The objective is to provide relevant, reliable, and timely information that helps the users of financial statements in making their investment and lending decisions. While profitability and cash flows are important components of financial reporting, they are not the primary objective. The federal government may also use financial statements, but their needs are not the primary focus of financial reporting.

According to the IASB and Adopted by the AASB,the Primary