- 20 Marks
FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework
Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.
Question
(a) Identify any FOUR users of financial statements and explain their needs for accounting information. (8 marks)
(b) The conceptual framework of accounting recognizes qualitative characteristics of financial information that is useful for decision-making.
Required:
Identify and explain FOUR qualitative characteristics of financial information recognized by the conceptual framework. (12 marks)
Find Related Questions by Tags, levels, etc.
- 20 Marks
FA – May 2016 – L1 – Q7 – The IASB’s Conceptual Framework
Identify users of financial statements and explain their needs, and discuss qualitative characteristics of financial information.
Question
(a) Identify any FOUR users of financial statements and explain their needs for accounting information. (8 marks)
(b) The conceptual framework of accounting recognizes qualitative characteristics of financial information that is useful for decision-making.
Required:
Identify and explain FOUR qualitative characteristics of financial information recognized by the conceptual framework. (12 marks)
Find Related Questions by Tags, levels, etc.