Question 2 (10 marks):

"Financial statements are a structured representation of the financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions."

AASB 101 Presentation of Financial Statements

In your own words, define the various elements of financial statements and discuss how they contribute to the objective of providing information for users to making decisions.