Fundamental of Accounting Discipline and Industry - Accounting Assignment Help

Assignment Task

Description
This assessment task is an individual assignment. You are required to write an essay to discuss several issues that are fundamental to the accounting discipline and industry. Through completing this assessment task, you
should be able to better understand the objective of general purpose financial reporting, discuss why and how external users rely on financial statements, and critically evaluate the usefulness of general purpose financial
reporting. This will help you learn accounting better in your future studies and will be beneficial to your potential career in accounting-related industries.
You are required to research information on the following issues related to the usefulness of general purpose financial reporting:
1. Who are the primary users of general purpose financial reporting based on the Conceptual Framework for Financial Reporting1
? Why general purpose financial reporting is important to these primary users?
How do they make use of financial statements? Appropriate references are required.
2. Can you suggest another TWO types of external users of general purpose financial reporting? How do they make use of financial statements? Appropriate references are required.
3. Is there any way to improve the usefulness of general purpose financial reporting to meet different information needs of diverse external users? Appropriate references are require

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