The FASB and IASB are working jointly to develop a revised, coordinated set of financial reporting objectives.They envision that the
A)primary user groups are present and potential providers of resources, including equity investors and creditors.
B)users want information useful for making resource allocation decisions.
C)users want information useful for making decisions about protecting and enhancing their investments.
D)proposed reporting objectives would also specify that firms should prepare financial reports from the perspective of the reporting entity (entity perspective).
E)all of the above

Question

Quizplus · Accepted Answer

The passage states that the FASB and IASB are working jointly to develop a revised, coordinated set of financial reporting objectives that meet the needs of users. The primary user groups are present and potential providers of resources, including equity investors and creditors, who want information useful for making resource allocation decisions and decisions about protecting and enhancing their investments. Additionally, the proposed reporting objectives would specify that firms should prepare financial reports from the perspective of the reporting entity (entity perspective). Therefore, all of the above options are correct.

The FASB and IASB Are Working Jointly to Develop a Revised