opic : · This assignment covers the in-depth theoretical concepts with practical accounting task application based on the topics from the subject. Task Details : 1.Download the latest annual report of...

Contents
Part A – Objects of General purpose financial statements    1
Part B – Target Audience of financial statements and the objects    2
Part C- Criteria for recognition in financial statements    3
Part D – Qualitative characteristics of financial statements - Fundamental    5
Part E - Qualitative characteristics of financial statements - Enhancing    6
Part A – Objects of General purpose financial statements
General purpose financial reporting refers to the statements which are issued by an organization to its stakeholders. These statements make them equipped to analyze the organization's performance and facilitates decision making. The financial statements of the entity have all the fundamental general data such that any individual who isn't a specialist can likewise comprehend it and can make judgment based on that report.
For the most part, General Purpose Financial Statements incorporates
(I) Balance Sheet
(ii) Income Statement
(iii) Notes to accounts
In some cases the cash flow statement is also considered to be a part of general purpose financial reporting. Normally, General Purpose Financial Statements is a set of these statements which is along with other relevant information and explanation presented to the users of such statements.
Normally, these statements are issued to "Investors" and "Lenders "of the organization. The significant target of General Purpose Financial Statements is to tell them how their assets and funds are being utilized by the issuing entity. It is fundamental for the investors and lenders that how effectively their cash is growing in the entity in which they have put in their money. These statements must incorporate such data in such way that a layman can likewise comprehend them without the assistance of any expert. Along these lines straightforwardness is the pith of GPFS.
These statements determine the scope and level of organization's performance. These statements are not issued to people who are experts in accounting and finance. Rather these statements are for general public or rather a common citizen who has a very limited knowledge and understanding of the financial statements.
While analyzing the annual report of the company Myer, we can state that this report meets every single fundamental target of General Purpose Financial Statements. The Balance Sheet provides for all the important data which could be basic for financial specialists and Income statement of the entity has splendidly uncovered the earning potential of the company that could engage the moneylenders.
From the above, we can infer that following are the fundamental targets of General Purpose Financial Statements:
(i)    It must be addressed to General Public and ought to contain general and more data concisely.
(ii)    It must be in the least difficult way.
Part B – Target Audience of financial statements and the objects
The general purpose financial statements have the following fundamental users:
•    Citizens or public at large or investors
•    Lenders of the organization
•    Investors of the organization
•    Other stakeholders
Every one of them has their own necessities and requirements for these articulations of the organization. The clients of these statements can use this information to address the pertinent concerns of their need. For instance the investors in the event that they are eager to know how much fund is being held by the organization with respect to book value of their investment, than they can...