Why does the financial statement call 'a broad purpose' statement?
Answers:
I presume you're referring to the "normal" financial statements prepared beneath largely agreed accounting principles (GAAP) beside no specific instructions from anyone next to special interests. Financial reports prepared below GAAP are intended to be broad purpose contained by location. This way they are not prepared especially for owners, or creditors, or any other fussy user group. Instead, they are intended to be equally adjectives for adjectives user groups. General purpose financial statements are intended to touch the requests of users who are not contained by a position to constraint reports tailored to get together their expert information requirement. As such, attempts are made to hold them free from bias (i.e. they are neutral).
In contrast, business manager, for e.g., may ask for specialized reports, budgets, product costing background, and other details that are collectively not found contained by the "normal" financial statements for business planning, controlling, and ruling making purposes.
it is for a non-specific prupose