The conceptual framework is a coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and reporting. It is expected to serve the public interest by providing structure and direction to financial accounting and reporting to facilitate the provision of even-handed financial and related information that is useful in assisting capital and othermarkets to function efficiently in allocating scarce resources in the economy.'With reference to the above statement. Discuss the objective of financial statements.