UNVEILING THE SIGNIFICANCE OF GENERAL PURPOSE FINANCIAL STATEMENTS

Authors

  • Shokarimova Saidakhon Ravshanovna 2nd year Master’s Student, Tashkent Institute of Finance, Uzbekistan

Keywords:

General Purpose Financial Statements, GPFS, financial performance, income statement, balance sheet, statement of changes in equity, cash flow statement, stakeholders, transparency, decision-making, investors, creditors, regulators, management, International Financial Reporting Standards, IFRS, Generally Accepted Accounting Principles, GAAP.

Abstract

In the complex and dynamic realm of finance, General Purpose Financial Statements (GPFS) serve as pivotal documents, offering a comprehensive insight into an organization's financial health. Comprising the income statement, balance sheet, statement of changes in equity, and cash flow statement, these statements cater to a diverse set of stakeholders, providing transparency and facilitating informed decision-making. This article explores the purpose, components, and significance of GPFS for investors, creditors, regulators, and internal management. It also addresses the challenges and evolving standards in financial reporting, emphasizing the role of International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) in ensuring consistency and comparability across global markets.

Published

2024-01-20

Issue

2024: 22th Tech-Fest: England January

Section

Articles

License

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

How to Cite

UNVEILING THE SIGNIFICANCE OF GENERAL PURPOSE FINANCIAL STATEMENTS. (2024). Conferencea , 40-43. https://conferencea.org/index.php/conferences/article/view/3126

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