Question: 2 needs to be solved completely The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful

2 needs to be solved completely

"The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. Those decisions involve buying, selling, or holding equity and debt instruments and providing or settling loans and other forms of credit." International Accounting Standards Board (2010) Required: (a) Identify the information these users are likely to need from accounting statements and reports. (b) Do you think it is possible to produce a single set of financial reports that will meet the needs of all primary users

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