It stands for general-purpose financial statement; a set of financial statements that is prepared and issued throughout a reporting period year to provide general financial information to the users of financial statements, -i.e., stakeholders (like creditors, investors, regulators, etc.) who require such information in their evaluation of the financial position of an entity and their decision making regarding their existing or potential relationship with it.
This set includes a statement of financial position (balance sheet), statement of income, statement of owner’s equity/ retained earnings, and statement of cash flows, in addition any required disclosures. These statements are general purpose reports in the sense that they contain general information that don’t target a specific group of stakeholders, just contrary to special-purpose financial statements/ reports that are designed to meet special information need of a user-group (e.g., a main lender of the entity may require confidential financial reports about the financial position and revenue generation ability of an entity.
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