Following are the objectives of financial reporting:
To comply with the rules and regulations framed by the GAAP. GAAP has made it mandatory for firms to report their finances.
To provide financial position to the stakeholders.
To provide relevant information to the management about profits, cash flows, liabilities, etcetera to make decisions. Management uses it for planning and decision making
Financial reporting provides vital information about a firm’s finances to investors and the public to decide its investment.
To provide information to the government so that government can access the taxes on the firm.
To provide information on the use and utilization of funds in the firm.
Financial reporting also provides information on the utilization of funds in a firm.
It also provides information on a firm’s performance so that management and stakeholders can take measures for any contradiction in the performance.
To provide information on the company’s liabilities, assets, and capital.
Significance of financial reporting
If financial reporting did not have importance, then companies would not be reporting it. Numerous parties seek financial reporting for their own needs. The importance of financial reporting is discussed below:
GAAP has made compulsion for the listed entities to report their finances. Financial reporting helps the firm to comply with the rules and regulations.
It helps in the various audits. Audit is a compulsion as suggested by GAAP for a set of companies, and financial reporting expedites the process of such audit by providing pertinent information to the auditors.
Financial reporting succors the planning, analysis, and decision-making in a firm. The management and the stakeholders use it.
It helps raise funds for the firm, as the potential investors read the financial reports before investing in firms. Also, when the firm is performing well, financial institutions provide loans easily.
It helps the management, stakeholders, investors, government, and the public ascertain a firm’s performance.
Financial reporting helps the firm to keep itself off the radar of government agencies.
Application of Financial Reporting
Financial reporting is very important for any firm irrespective of its size and area of operation. It helps the firm in many ways. It furnishes relevant information to the management, stakeholders, investors, government agencies, and the public to make decisions as per their needs. It helps the management to make decisions and make plans and correct the wrong. It also helps the stakeholders to know about the performance of the firm. Financial reporting provides information to venture capitalists, investors, and the public to assist them in making investment decisions.
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