Assessing the Role of Financial Statements in Society Financial statement information plays an important role in modern society and business.

a. Identify two or more external stakeholders who are interested in a company’s financial statements and what their particular interests are.

b. What are generally accepted accounting principles? What organizations have primary responsibility for the formulation of GAAP?

c. What role does financial statement information play in the allocation of society’s financial resources?

d. What are three aspects of the accounting environment that can create ethical pressure on management?