Part I - PRELIMINARIES
PART II - ACCOUNTING PRINCIPLES AND ASSUMPTIONS
PART III - ACCOUNTING PROCESS

General Purpose Reports

General purpose reports serve the common information needs of most users. These statements provide a reasonable balance between completeness and the cost of information. They do not meet all the needs of all users, but the information is prepared in accordance with standards designed to meet certain quality characteristics to make the information useful. The following discussions provide perspectives about certain aspects of information and the importance of general-purpose statements. The development of standards is in fact intended for general purpose statements.

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