General purpose financial reports

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Financial reporting.

A description of the traditional mandatory financial filings of an organisation, that emphasises the important perspective that they are not designed to provide all the information that all potential users will require.

Users must undertake their own additional investigations.

Limitations of general purpose financial reports
"... general purpose financial reports do not and cannot provide all of the information that existing and potential investors, lenders and other creditors need.
Those users need to consider pertinent information from other sources, for example, general economic conditions and expectations, political events and political climate, and industry and company outlooks.

General purpose financial reports are not designed to show the value of a reporting entity; but they provide information to help existing and potential investors, lenders and other creditors to estimate the value of the reporting entity...

Other parties, such as regulators and members of the public other than investors, lenders and other creditors, may also find general purpose financial reports useful.
However, those reports are not primarily directed to these other groups.

To a large extent, financial reports are based on estimates, judgements and models rather than exact depictions. The Conceptual Framework establishes the concepts that underlie those estimates, judgements and models."
IFRS - Conceptual Framework.

See also