Mr. G.C. Gupta, the erstwhile Marketing Director of Hindustan Industrial Corporation Ltd., has recently taken over as the Managing Director of the company. He is an engineer by qualification and a marketing genius by profession. Hitherto marketing had been his domain. In that capacity he understands very well the financial impact of marketing activities of the company and so far he had been able to present the sales reports, with their financial implications, in the board meetings of the company. However, he used to get lost when the agenda of the meetings moved to a review of the overall performance and financial position of the company.
Now, being the MD, he himself has to carry out such reviews regularly, as well as present them in the board meetings and face queries from the board members on financial matt. He, therefore, feels that he should have a reasonably good understanding of the corporate financial statements.
He calls the Chief Financial Officer (CFO) of the company, Mr. Lokesh Gupta, and discusses his requirement with him. The CFO informs him that there exists a strong conceptual framework of financial statements, which, inter alia, assists the corporate management and other users in evaluating the financial position, performance and cash flows of a company. The MD, always eager and willing to learn new things and with an eye for detail, requests the CFO to prepare a brief report containing the gist of the conceptual framework, not exceeding Six A4 size pages with adequate margins and normal space between the paragraphs.
Required 

Suppose you were the CFO. Please make the report. Business reports need to be brief, concise and precise. They also need to be drafted in simple language devoid of any jargon to the best possible extent. Keep these considerations in mind while preparing the gist.