Lesson Summary and Quiz
Users of financial information, their information needs, and the types of decisions they make are associated with the objective of general purpose statements. The conceptual framework for financial reporting specifically mentions primary users of financial information to distinguish them from other users. General purpose financial reports provide information to meet the common needs of primary users. Other users of information also benefit from general purpose financial reports but may have other information requirements available only from other sources.
Lesson summary
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General purpose reports serve the common information needs of primary users, who share an interest in significant aspects of the business related to their financing and investment decisions to provide capital to business enterprises. While general purpose reports do not contain all the information needed by primary users, they are still the most cost-effective means of providing information, especially for primary users.
Primary users are those who provide capital to business enterprises in the form of loans or credit (liabilities) or as an investment (equity). As providers of capital, they are interested in attributes that ensure safety and growth of the funds provided. These attributes can be determined from information provided by general purpose reports. Without capital, there is no enterprise.
Other users of financial information can be anybody interested in certain aspects of an enterprise. The information could be in general purpose reports or may require more details available from other sources. The information required can be as varied as there are information needs and users and it will not be practical to prepare separate reports for every need of other users.
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