The objective of financial reporting is to provide useful financial information to capital providers.
The primary decision specific qualities that make financial information useful are relevance and faithful representation.
To be relevant, information must possess predictive value and/or confirmatory value, and all material information should be included.
Completeness, neutrality, and freedom from error enhance faithful representation.
The 10 elements of financial statements are assets, liabilities, equity, investments by owners, distribution to owners, revenues, expenses, gains, losses, and comprehensive income.
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