For financial information to be useful, it needs to be relevant to users and faithfully represent what it purports to represent. The usefulness of financial information is enhanced by its comparability, verifiability, timeliness and understandability (KPMG, 2017).

i. Discuss the objectives of financial reporting and the features of accounting information.

ii. Explain the elements of financial statement. The student is required to use at least 15 academic resources.