The 5 Es in Financial Statements
Abstract
Financial statements are a faithful representation of the economic transactions of entities, complying with the requirements of recognition, measurement, disclosure, and presentation. Their purpose is to satisfy the needs for financial information, performance, and cash flows of an entity. These entities, whether natural or legal persons, profit-making or non-profit, must coordinate their operational components to contribute to the transformation of society. The relationship between the business world and financial reports is crucial for ensuring that the information is useful for decision-making.
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