FMA-II 1 of 3: Different users of financial information, their needs and sources of information organization

Different users of financial information, their needs and sources of information organization
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Different users of financial information, their needs and sources of information organization
Financial information is used by different categories of users in an organization for varying reasons. This is due to the importance of financial information in making decisions in the organization. There are external and internal users of financial information (Lasher, 2011). This paper seeks to differentiate users of financial information, their needs and sources of information organization.
The first user category is the internal users of financial information. This group of users sources their information directly from the operations of the organizations through the financial statements, forecasts and budgets presented after a particular period of time. Among these users is the management who needs financial information to analyze the position and performance of the organization. The management also uses the financial information to improve the results of the organization by taking considerable measures. Another internal user is the employees who need financial information to assess t...