Objective of financial reporting
The objective identifies the purpose of financial reporting. The other concepts provide guidance on identifying the boundaries of financial reporting, selecting the transactions, other events, and circumstances to be represented, how they should be recognised and measured (or disclosed), and how they should be summarised and reported.
Qualitative characteristics
The qualitative characteristics of useful financial information identify the types of information that are likely to be most useful to the existing and potential investors, lenders and other creditors for making decisions about the reporting entity on the basis of information in its financial report (financial information).