Answer
In availing information to users of financial statements, the Board depends on general purpose financial statements. The aim of such statements is to avail the most valuable information conceivable at minimum expense to different user groups. Underlying these goals is the idea that clients require reasonable knowledge of financial accounting and business matters in understanding the data contained in financial statements.
Work Step by Step
The level of knowledge required also implies that in the preparation of financial proclamations, a certain level of competence is expected; this affects the way and the degree to which data is reported.
