Critically analyse the role that a Conceptual Framework approach has to the purpose that financial statements provide useful information to their users.

Areas of critical analysis include :

What is a conceptual framework is in relation to financial statements

What are the fundamental concepts

Discussion about the objective of financial reporting; the qualitative characteristics and elements of the financial statements; the recognition, measurement, and disclosure concepts.

Who uses the financial statements, and why (ie what different reasons are there)

Link to financial reporting standards, legislation, other reporting requirements

Discussion about consistency of disclosure across companies (allows comparison - or does it ?)

It allows subjectivity by the preparer of the financial statements (how, show examples) - also explain who are legally responsible for preparing financial statements.