Question $2$

The International Accounting Standards Committee $($IASC$)$ has stated that the objective of financial statements is to provide information about the financial position, performance and capability of an enterprise that is useful to a wide range of users in making economic decisions. The Framework for the Preparation and Presentation of Financial Statements identified seven user groups.

Required:

Discuss which of the financial statements would be most useful to each of these seven groups if they could only receive one statement, clearly stating to what use the information would be put to by the user.

Note: You need to identify the full set of financial statements and the seven groups of the users at the start of your discussion.$[25]$