All-purpose financial statements, also referred to as general purpose financial statements, are prepared with the objective of providing financial information that is useful to a wide range of users in making economic decisions.
The principle that a company should provide financial information to its users without undue delay, ensuring the data arrives in time to influence economic decisions. Timeliness is critical in maintaining the information's relevance and impact.
The Trueblood Report, prepared by a committee chaired by Robert M. Trueblood and published by the American Institute of Certified Public Accountants (AICPA) in 1971, aims to define the fundamental objectives of financial statements. The report was instrumental in shaping the Financial Accounting Standards Board's (FASB) Statement of Financial Accounting Concepts No. 1.
