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FASB - Essay Example

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These could vary from investors, stock-brokers, employee unions, company directors, suppliers, creditors, management, customers, financial advisers, regulatory authorities, trade…
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Download file to see previous pages... regulatory authorities and financial advisers, media have indirect interest in the information, although they also are potential users of the specific financial information.
Hence, the difference in identifying the potential users of financial information would relate to the users’ interests in the business. Those users, who are involved in day to day running of the business, along with the future planning and prospects of the enterprise will be potential users of such information, having direct interest in the firm, while indirect interest holders would be those groups who do not intend to derive any direct benefits from the company, like trade unions, financial analysts, among others.
Those investors and users of potential information, who have direct interests in the affairs of the company, are interested in knowing its cash flow situation, as they need to know about the generation of cash flows, its timing and amount. This is due to the fact that the business enterprise is seen by such potential users as the source of cash generation, which could result in dividend and interest payments, loan repayments, appreciated stock prices and upward revision in the wages of company workers. The investors in a particular business expect handsome returns. Therefore, they are interested in knowing the company’s financial information. For managers and directors, the information regarding cash flow generation would lead them to a better understanding of their contribution towards the same.
While financial reporting has two aspects, internal and external, FASB statement has identified the internal group of potential users, who are interested in such information. As management has been identified as playing a major role in the use of financial information by external and internal users, it is responsible for passing the information to external agencies for their particular use. In addition, management is directly interested in the information about liabilities, assets ...Download file to see next pagesRead More
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