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Whilst some internal stakeholders such as management may request special purpose financial reports (SPFR's) to be prepared in order to aid their decision making, most stakeholders do not enjoy such privileges. This means that such stakeholders must rely on general purpose financial reports (GPFR's) published by the businesses as the major source of information on the financial health of the businesses in which they have interests in and for stakeholders involved in the financing, investing or operating activities of the business, the financial health of the business is a major factor in their decision making process. Thus it is incorrect to say that GPFR's are useless in helping users make decisions about future actions based on the shallow premise that they only tend to reflect past events. The value of GPFR's to decision making is recognised by professional accounting bodies such as the Australian and New Zealand Institute of Chartered Accountants...

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