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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Why should financial reporting provide useful information about the stewardship of company management?

To determine

Provide the reason for providing useful information about the stewardship of company management in financial reporting.

Explanation

Financial reporting:  

Financial reporting is the procedure to communicate the information obtained from the financial statements prepared. It is necessary to disclose the data to various stakeholders as various decisions need to be taken by the stakeholders.

The reason for providing useful information about the stewardship of company management in financial reporting is as follows:

  • Information provided in the financial reporting should specify about “the efficiency and effectivity   of the company’s management and the governing body that discharges the responsibilities to use the resources of the company”...

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