The purpose of reporting is to inform legitimate interested parties about the impact of economic activity on everything.

Reporting is best done by having information in an easily understandable format that is short, clear and to the point.

Materiality

In good accountancy, the data have utility and value in part because of the way data are organized. They help make it possible to focus on what is important. Good accountancy includes analysis about what is going to make a difference, without burying in costly inconsequential detail. TVM Value Accountancy does this for things that are important for the community ... with the purpose of having these data is to get something done that improves the status of the community. Modern society is drowned in information that tells us a lot about unimportant matters ... while there is very little reliable information about matters that are very important. But many analysts do not realize how much time and effort they spend on matters that will have no impact on performance. And if the analyst does not understand what is material ... what hope is there that they will understand anything. Materiality is the concept that helps focus effort and analysis on issues that matter. The accountancy version of “Don't sweat the small things!” There are many examples including reports that include cents in multi-million dollar tables, a sure sign that the analyst does not understand materiality.