Q2. Mr. Eid is a businessman and your friend. He is having difficulty understanding the objective of financial reporting and why it is important to his business users. Please write a letter to Mr. Eid explaining the objective of financial reporting and why it is important to his business users.

Q3.The accounting standards are set by specific Organizations depends on the country location and regulations. You are asked to answer the following questions :

What are the developing US Financial Accounting Standards Organizations with each organization responsibilities? Please write one paragraph.

What are the processes of setting a new accounting standard in the USA? Please write one paragraph.