Discuss financial accounting and the demand for financial information. What is the role of general-purpose financial statements? What are the information needs of financial statement users? Describe the role of financial accounting standard setters and the standard-setting process. What is a conceptual framework and why is it important? Outline the objectives and elements of financial reporting and the qualitative characteristics of financial information. Discuss in detail general recognition principles, revenue and expense recognition, and accrual accounting. Examine the assumptions used in financial reporting