Financial statements represent the financial status of the firm. It is an important tool to assess the financial health of the organization for making projections based on such data. There are several individuals and organizations in the market that are directly or indirectly depended on the financial stability of the firm. The internal users of the company are the top-level managers and the employees of the organization. They use the financial statement for formulating plans and making projections for the future financial aspects of the company. The outsiders include the government, investors and the banks. Financial accuracy and transparency is necessary for them as they would base their decision depending on the reports of the financial statement. The true picture would motivate an investor to invest, banks to lend money and the government to calculate the right amount of tax for the company. It also benefits the company by spreading their good name and increasing their goodwill in the market.
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