In this discussion question you will identify the components of the financial statements framework.

Describe the function of financial statements to different users. Provide examples of different uses of financial statements to both external and internal users.

Financial Statement Framework is the objective of criteria on financial reporting forms that are presented for data analyzation considering the following: useful all finance information, determination of financial statements, recognition/derecognition, measurement of attained data, presentation and disclosure of any pertinent data that appears in a financial statement. This framework lies out what is needed to project transparency for enabling investors and other market participants to make informed economic and financial decisions. Whether it be personal, individual, or for some firm or organization; providing this information is pivotal in projecting financial regularity as well as transparency for the company under the microscope, this obviously applying to both internal and external users. The use of this framework also contributes to financial business decisions that can negatively or positively impact the company as well as future business carries on.