MANAGEMENT

Detailed explanation-1: -Objective of financial statements That information, along with other information in the notes, assists users of financial statements in predicting the entity’s future cash flows and, in particular, their timing and certainty.

Detailed explanation-2: -The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity.

Detailed explanation-3: -d. Entities are required by IAS 1 to use the term “statement of financial position” in presenting its assets, liabilities and equity as of a given point of time.

Detailed explanation-4: -General purpose financial reports are not designed to show the value of a reporting entity; but they provide information to help existing and potential investors, lenders and other creditors to estimate the value of the reporting entity.