Asked by Pinky Melon on Jul 04, 2024
Verified
What does the IASB's Conceptual Framework for Financial Reporting state as the objective of general purpose financial reporting?
IASB's Conceptual Framework
A comprehensive set of accounting principles and concepts issued by the International Accounting Standards Board to guide the development of standards.
Financial Reporting
Generating communications that present the financial situation of a corporation to its management team, shareholders, and the government.
General Purpose
An undirected goal, usually implying flexibility and adaptability to a variety of situations or tasks.
- Recognize the role and objective of general purpose financial reporting as per the IASB's Conceptual Framework.
Verified Answer
Learning Objectives
- Recognize the role and objective of general purpose financial reporting as per the IASB's Conceptual Framework.
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