Dan Thompson, President of Thompson Fabricating Incorporated, Is Planning to Retire

Dan Thompson, President of Thompson Fabricating Incorporated, is planning to retire in three years' time.He and his immediate family are the only shareholders of the company.They have successfully operated the business for 30 years with only a bank loan as additional financing.No family member wants to operate the business after Dan's retirement, so he hopes to sell the company at that time.
Required:
A) Identify the likely financial reporting objective(s) that Thompson Fabricating was using over the past 30 years.
B) Is it likely that the objectives you identified in part A) may change now that the company is planning to be sold? As a potential buyer what would you want to be aware of?