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Introduction

The report has been undertaken to provide an insight into the purpose or objective behind the need for creating and disclosing a general purpose financial report (GPFR). The reports consist of the various types of financial statements that are developed by an entity such as cash flow position, statement of income and equity and the balance sheet position. These statements provides an illustration of the use of resources, cash flow analysis and the assets and liabilities position of an entity for making informed decisions. The information is required by the users for making various types of financial decisions by meeting their different needs and requirements.

In this context, this report provides a description and discussion in detail about the need for business entities to develop a general purpose financial report (GPFR). The objectives of these reports that are included in the conceptual framework project are also been analyzed in the report. Th....