The primary objective of financial reporting is to provide information:. a. About a firm’s management teamb. Useful to capital providersc. Concerning the changes in financial position resulting from he income-producing efforts of the entityd. About a firm’s financial and investing activities

b. Useful to capital providers.

Explanation:

Financial reporting can be defined as the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors.

The objective of financial reporting include all of the following to provide information that:

1. Is useful to those making investment decisions. This information would help creditors to determine whether they should lend to a client or not; or assist investors in deciding whether they should invest in a business or not.

2. Is useful to those lending out money to business entities. When investors and creditors are well furnished with financial information about an organization, they would be able to assess the amounts of cash, timing, and uncertainty of cash flows from dividends or interest.

3. Is useful to creditors in making decisions about providing resources to business entities.

Hence, the primary objective of financial reporting is to provide information useful to capital providers.

Additionally, financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining financial accounting and reporting standards for general guidance of individuals or capital providers such as investors, issuers and auditors.

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