1. External users: shareholders, creditors, and regulators. 2. Reports are created as frequently as needed. 3. No independent audits are required. 4. Extends beyond double-entry accounting to any relevant data. 5. Prepared in accordance with generally accepted accounting principles. 6. Reports are typically prepared quarterly and/or annually. 7. Content of reports pertain to subunits of the business. 8. An audit is required by an independent accountant. 9. Financial statements are prepared. 10. Reports are special-purpose for specic decisions. 11. Limited to double-entry accounting and cost data. 12. Reports are highly aggregated, that is, condensed