Unquestionably, constituents of both governments and not for prots are no less interested in what the organization has accomplished than they are in nancial data, such as revenues and expenses How can you justify an accounting model and the resultant nancial statements that fail not only to measure...

The GASB in its Concepts Statement No 1 Objectives of Financial Reporting explicitly recognizes that ...

Unquestionably, constituents of both governments and not-for-prots are no less interested in what the organization has accomplished

Question:

Unquestionably, constituents of both governments and not-for-proﬁts are no less interested in what the organization has accomplished than they are in ﬁnancial data, such as revenues and expenses. How can you justify an accounting model and the resultant ﬁnancial statements that fail not only to measure and report accomplishments but also to relate them to an entity’s revenues and expenses?