Question

Which of the following is not an objective of financial reporting: To report changes in economic...

Which of the following is not an objective of financial reporting:

To report changes in economic resources and claims against those resources resulting from transactions, events, or circumstances that are not directly related to the entity’s financial performance.

To report financial performance from the perspective of cash inflows and outflows.

To provide information that is useful to investors and creditors.

To provide information about the fair value of an entity’s economic resources.

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Answer #1

To report changes in economic resources and claims against those resources resulting from transactions, events , or circumstances that are not directly related to the entity's financial performance. this is not an objective of financial reporting.

Reason: financial reporting provides information to investors and other creditors that are directly related to the entity's financial performance which is useful for thr investors and creditors to take decision based on the information provided by the company in the financial reporting.

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