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Why does the financial statement called a general purpose statement?
Wiki User
∙ 16y ago
General purpose financial report(GPFR) is a financial report that is required by the government or accounting professional groups to be prepared by every firm.
The aim of that is to give general information about the firm,and it could give some information for the user to make decision, as there are many different info-based users who deponds on the GPFR, which definitely could not give the comphrehasive information to help those people to make decisions.
But the objective is to make it a little useful to
every potiantial users, that's why it's called general purpose financial report.
Wiki User
∙ 16y ago
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