Financial statements identify financial position, performance and changes in financial position over a period of time. The main financial statements are statement of financial position, statement of comprehensive income and statement of cash flow. These statements are prepared to show how wel I a company has performed and also give an indication of the value of the business. Many Accountants however are of the view that the financial statements are limited in their value to users. Required: 1. Identify and discuss the limitations of financial statements 2. State the objectives of International Accounting Standards Board (IASB)
Financial statements identify financial position, performance and changes in financial position over a period of time. The main financial statements are
Required:
1. Identify and discuss the limitations of financial statements
2. State the objectives of International Accounting Standards Board (IASB)
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