$1.$ Internal users $($managers of the organization$)$

$2.$ Highly aggregated $($looks at the organization as a whole$)$

$3.$ Regulated by SEC and FASB

$4.$ Objective and reliable financial information

$5.$ Continuous reporting

$6.$ External users $($including investors and creditors$)$

$7.$ Relevant and timely financial information

$8.$ Disaggregated $($focuses on the entity's parts$)$

$9.$ Historical time horizon

$10.$ Unregulated

$11.$ Periodical reporting

$12.$ Present and future time horizon