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Internal & External Users of Financial Accounting Information

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Paper Abstract:
Examines internal and external users of financial accounting information. Why the financial accounting information is equally important to internal and external entities. How the different ways in which internal and external entities use financial accounting information determine the value of such information to different users of the information.

Paper Introduction:
internal and external users of financial accounting informationFinancial abcounting inform tion is used by internal entities units andindividuals within the reporting organization and external entities organizations and individuals outside of the structure of the reportingorganization The financial accounting information is equally importantto internal and external entities Because the uses of financialaccounting information are different for internal and external users ofsuch information however the criteria that determine the importance offinancial accounting information internal and external users of theinformal also are different Internal users

Text of the Paper:
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Norwalk, Connecticut: Financial Accounting Standards Board, 15 February 1998.Financial Accounting Standards Board. New York: Irwin/McGraw-Hill, 1998.Organization for Economic Cooperation and Development. Stamford, Connecticut: Financial Accounting Standards Board, 1985.Higgins, R. Rather the discussion above is intended illustrate howthe different ways in which internal and external entities use finanbialaccount infnrmation determine the value of such information to differentusers of the information. Financial Accounting Standards Board Special Report (SRFRAME). Stamford, Connecticut: Financial Accounting Standards Board, 1978.Financial Accounting Standards Board. Financial Transparency and Accountability Initiative: Overall Observations. Statement of Financial Accounting Concepts No. Statement of Financial Accounting Concepts No. 1: Objectives of Financial Reporting by Business Enterprises. Statement of Financial Accounting Concepts No. The Framework of Financial Accounting Concepts and Standards. C. Such evaluations includethe following: assessing the future market value of the reportingorganization; accurately assessing the effectiveness of the management ofthe reporting organization; making rational evaluations of thereasonableness of the financial accounting data provided by the reportingorganization; and fairly assessing the financial position and strength ofthe reporting organization.Both internal users and external users require accurate and transparentinformation. The financial accounting information is equally importantto internal and external entities. The information mustbe detailed and focused to facilitate not only the efficiency andeffectiveness assessments mentioned above, but also to facilitate pricesetting (internal transfer and external sales), resource allocations,decisions involving selection from among alternative investment proposals,and appropriate responses to competitive pressures and consumer demands.External uses of accounting information require that such informationenable them evaluate fir reporting organization. Paris: Organization for Economic Cooperation and Development, 2 . Because the uses of financialaccounting information are different for internal and external users ofsuch information, however, the criteria that determine the importance offinancial accounting information internal and external users of theinformal also are different.Internal users of accounting information require that such informationreflects directly on the efficiency and the effectiveness of productionprocesses, marketing initiatives, and strategic foci. 2: Qualitative Characteristics of Accounting Information. The discussion above is not intended to address issues ofcorporate fraud. ReferencesFinancial Accounting Standards Board. Analysis for Financial Management 5th ed. Stamford, Connecticut: Financial Accounting Standards Board, 198 .Financial Accounting Standards Board. internal and external users of financial accounting informationFinancial abcounting inform`tion is used by internal entities (units andindividuals within the reporting organization) and external entities(organizations and individuals outside of the structure of the reportingorganization). 6: Elements of Financial Statements.

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