A is corrent. Per SFAC 8, the objectives of financial reporting focus on providing present and potential investors with information useful in making investment decisions. Financial statement users do not have the authority to prescribe the data they desire; therefore, they must rely on external financial reporting to satisfy their information needs.
B is incorrect. Per SFAC 8, the objectives of financial reporting focus on providing present and potential investors with information useful in making investment decisions. Financial statement users do not have the authority to prescribe the data they desire; therefore, they must rely on external financial reporting to satisfy their information needs.
C is incorrect. Per SFAC 8, the objectives of financial reporting focus on providing present and potential investors with information useful in making investment decisions. Financial statement users do not have the authority to prescribe the data they desire; therefore, they must rely on external financial reporting to satisfy their information needs.
D is incorrect. Per SFAC 8, the objectives of financial reporting focus on providing present and potential investors with information useful in making investment decisions. Financial statement users do not have the authority to prescribe the data they desire; therefore, they must rely on external financial reporting to satisfy their information needs.
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