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Financial accounting and reporting
Financial accounting and reporting

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Financial accounting and reporting

2.1 Stewardship

Persons who run or manage businesses are not always those who have invested money and/or resources in the business. They manage money and/or resources which are owned by others, and act as stewards (or agents ) on behalf of owners (sometimes called principals ). The concept of stewardship places an obligation on stewards to provide financial information relating to the resources which they control, but do not own (see Figure 2 below).

Arrows denote flow of resources, information and directions of responsibility.

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Figure 2 Stewardship
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