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OBJECTIVES OF FINANCIAL STATEMENTS

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goals financial statements are supposed to accomplish. The intent of financial statements is to provide information useful in economic decision making. In particular, the data should be useful in making investment and credit decisions. Financial statements should provide a reliable indication of a company's financial position, operating results, and changes in financial position. Also, statement components and categories should aid in decisions. Financial statements may provide information in addition to that specified by authoritative requirements and regulatory groups. Inasmuch as management knows the most about the business, it is encouraged to identify certain circumstances and explain their financial effects on the enterprise. Note that the FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) Statement of Financial Accounting Concepts No. 1, "Objectives of Financial Statements," provides reporting goals.