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What are the major objectives of financial reporting? Who usesfinancial reporting? What type of information will each user groupneed? Why?

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Deanna Hettinger
Deanna HettingerLv2
29 Sep 2019
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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.

The primary objectives of control over inventory are:

a. Safeguarding the inventory from damage and maintaining constant observation of the inventory.

b. maintaining constant observation of the inventory and reporting inventory in the financial statements.

c. Safeguarding the inventory from damage and reporting inventory in the financial statements.

d. reporting inventory in the financial statements.

What are the objectives for reporting transfers of receivables?According to FASB standards

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