Boston Biotech Inc (BB) is developing a product that will be able to be injected directly into a patient's knee to replace damaged cartilage.Two scientists and a physiotherapist founded the company.Those three individuals and three venture capital funds currently own all of the shares.The company is very close to having the procedure approved by the appropriate regulatory bodies.Once it has been approved, BB expects to make a public share offering and will use the funds raised to fund production and buy out the venture capitalists.
Required:
Identify all the financial reporting objectives that could apply to Boston Biotech.Which one should dominate for them?

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The Answer of Boston Biotech Inc (BB) is developing a product that will be able to be injected directly into a patient's knee to replace damaged cartilage.Two scientists and a physiotherapist founded the company.Those three individuals and three venture capital funds currently own all of the shares.The company is very close to having the procedure approved by the appropriate regulatory bodies.Once it has been approved, BB expects to make a public share offering and will use the funds raised to fund production and buy out the venture capitalists.
Required:
Identify all the financial reporting objectives that could apply to Boston Biotech.Which one should dominate for them?

Boston Biotech Inc (BB) Is Developing a Product That Will