By Arthur Hindmarch

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B). Shareholders are concerned with the safety and profitability of their investment in the future. Creditors and lenders want to know if their loans to the firm will be repaid at the appropriate time in the future and if the interest on the loan can be met. Trade unions may have a variety of reasons for being interested in a firm's financial statement. On the one hand they may be concerned to see that the firm has done well in the past and that this is expected to continue so that an improvement in wages and conditions is justified.

In Fig. 5, itwas shown that assets Measurement 24 with a life longer than the accounting period would have to be valued at the end of each period to ascertain the total net assets and thus derive the profit for the period. g. a spanner may last several years but it might be regarded as an expense of the period in which it was purchased and its end-ofperiod value ignored, the resulting inaccuracy being regarded as immaterial. Money Measurement. Accounting information is expressed in terms of money.

2 Need for a conceptual framework Accounting information is prepared for an organisation for internal and external use. Internally it forms the basis for an evaluation of past performance and is a guide for decision makers. External users include investors, lenders, taxation authorities, trade unions and government departments. It was made clear in Chapter 1 that the task of regular measurement of the position and profit of a firm is a difficult one and that there are conceptual as well as practical problems.

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