Is this concept synonymous with the term financial statements? Explain.

A.

Financial information is synonymous with financial statements. Included are items such as the balance sheet, the income statement, the statement of cash flows, footnotes to the financial statements and the statement of shareholders' equity, all of which are governed by IFRS.

B.

Financial information is not synonymous with the term financial statements because the financial reports and documents vary depending on whether governed by U.S. GAAP or IFRS.

C.

Financial information is synonymous with financial statements. Included are items such as the balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity, all of which are governed by U.S. GAAP.

D.

Financial information is not synonymous with the term financial statements because the financial statements are a subset of the different types of financial information provided.