ACCA FA Classroom - Syllabus A1/2. The Scope And Purpose Of Financial Statements For External Reporting & Users’ and Stakeholders’ Needs ^{1 / 4}

a) Define financial reporting – recording, analysing and summarising financial data

b) Identify and define types of business entity – sole trader, partnership, limited liability company

c) Recognise the legal differences between a sole trader, partnership and a limited liability company

d) Identify the advantages and disadvantages of operating as a limited liability company, sole trader or partnership

e) Understand the nature, principles and scope of financial reporting

A2 

a) Identify the users of financial statements and state and differentiate between their information needs