Question

Research Case—

Federal Financial Reporting Objectives. Statement of FinancialAccounting Concepts 1, “Objectives of Federal Financial Reporting”at (http://www.fasab.gov/pdffiles/handbook_sffac_1.pdf) identifiesaccountability and decision usefulness as the fundamental values offederal governmental financial accounting and reporting. Thestatement identifies four groups of users to whom the governmentowes accountability and the possible needs of each user group.

Required

Briefly describe the user groups, their needs for information,and how these tie into the four objectives of federal financialreporting identified in the statement.