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‘The fundamental objective of corporate reports is to communicate economic measurements of and information about the resources and performance of the reporting entity useful to those having reasonable rights to such information? The three financial statements which are generally used by most of the firms are the balance sheet, profit and loss account and the cash flow statement. The Statement of Principles outlines the purpose of each of those statements. The balance sheet gives information about the financial position of the entity. The profit and loss account illustrates the firm’s performance and the cash flow statement tells about the adaptability or in other words the liquidity of an entity. In this essay we will look at the different user groups and identify which of those statements can meet the needs of each individual group. This we will underline by using the J Sainsbury plc Annual Report and Financial Statements 2003. The first user group I would like to talk about is the managers because they are the person who make the majority of the decisions and have to organize the business on a day-to-day basis. This group has the responsibility to employ the resources of their business in an efficient way and to meet the objectives of the business.
Approximate Word count = 741
Approximate Pages = 3
(250 words per page double spaced)
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