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HM Revenue and Customs 
authorities will receive the information they need to make tax 
assessments. 
(c) A 
bank 
might demand a forecast of a company's expected future cash flows as a pre-condition of 
granting an overdraft. 
(d) The 
professional accountancy bodies 
have been jointly responsible for issuing 
accounting 
standards 
and some standards require companies to publish certain additional information. 
Accountants, as members of these professional bodies, are placed under a strong obligation to 
ensure that company accounts conform to the requirements of the standards. 
(e) 
Some companies provide, voluntarily, specially prepared financial information for issue to their 
employees. These statements are known as 
employee reports
. 
1.3.1 Non-commercial undertakings 
It is not only businesses that need to prepare accounts. 
Charities and clubs
, for example, prepare 
financial statements every year. Accounts also need to be prepared for 
government
(public sector 
organisations).
 EXAM FOCUS POINT 
You may be asked about what information would be needed by managers, employees or shareholders.
BPP Tutor Toolkit Copy

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PART C: ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANCE 
 
204
 
1.4 Qualities of good information 
You should be able to identify the qualities of good information. Below are some features that 
accounting information should have if it is to be useful. 
(a) 
Relevance
. The information provided should satisfy the needs of information users. In the case of 
company accounts, clearly a wide range of information will be needed to satisfy a wide range of 
users. 
(b)