1
answer
0
watching
1,573
views
7 Feb 2019
Karen Sepan, a recent graduate of the local state university, ispresently employed by a large manufacturing company. She has beenasked by Jose Martinez, controller, to prepare the company'sresponse to a current Preliminary Views published by the FinancialAccounting Standards Board (FASB). Sepan knows that the FASB has aconceptual framework, and she believes that these conceptstatements could be used to support the company's response to thePreliminary Views. She has prepared a rough draft of the responseciting the objective of financial reporting.
Instructions
(a) Identify the objective of financial reporting.
(b) Describe the level of sophistication expected of the users offinancial information by the objective of financial reporting.
Karen Sepan, a recent graduate of the local state university, ispresently employed by a large manufacturing company. She has beenasked by Jose Martinez, controller, to prepare the company'sresponse to a current Preliminary Views published by the FinancialAccounting Standards Board (FASB). Sepan knows that the FASB has aconceptual framework, and she believes that these conceptstatements could be used to support the company's response to thePreliminary Views. She has prepared a rough draft of the responseciting the objective of financial reporting.
Instructions
(a) Identify the objective of financial reporting.
(b) Describe the level of sophistication expected of the users offinancial information by the objective of financial reporting.
Reid WolffLv2
9 Feb 2019
