Committee on Concepts and Standards External Financial Reports.

Abstract The article provides information on a report about financial statements issued by the Study Group of the American Institute of Certified Public Accountants. The report focuses on a relatively unified set of objectives for financial reporting. It offers authoritative recognition of useful concepts that the profession has been reluctant to accept in the past. It also dispels tendency to deny the responsibility of accountants for the value of information contained in financial statements. The group asserts that the basic objective of financial statements is to provide information useful for making economic decisions.