7 Which statement relating to the Conceptual Framework's concept of understandability is incorrect? 1 pts O It is expected that users of financial statements will be willing to study the information with reasonable diligence. O The financial reports are required to be simple to read and understand. O Information about complex matters should be included in the reports if it is considered relevant to decision making. O it is assumed that readers of financial reports have a reasonable knowledge of business and economic activities. Previous No new data to save. Last checked at fiff Next 14 Minu