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objectives of financial reporting

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

In the 1970’s the Financial Accounting Standards Board (FASB) articulated three objectives of financial reporting. In summary, financial information should (1) be useful to investors and lenders, (2) be helpful in determining a company’s cash flows, and (3) report the company’s assets, liabilities, and owner’s equity and the changes in them.

Dictionary

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  • Debits and Credits
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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