Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 22: 7


Normally, financial information provides general information concerning a company that are appealing to the general public. Different types of people usually look at these documents in such of a broad range of information for the purpose of decision making. Unfortunately many of these documents are tailored to remain captivate to the user and many are the times that they do not supply the right information to this diverse of individuals thus end up misleading the user.

Work Step by Step

Additionally, general-purpose financial statements do no satisfy the specific needs of all interested parties since users vary considerably and for a fact it's unlikely that one set of general purpose financial statements are equally appropriate to these different users.
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