Financial Accounting 1B (AFE 3692) The Conceptual Framework for Financial Reporting Question 1 Consider the following issues relating to the Conceptual Framework for Financial Reporting, a) What is the purpose of the IASB's Conceptual Framework? b) Describe briefly the objective of financial reporting? c) Who are the users of financial reports? d) Describe briefly what is meant by the accrual basis of accounting. e) Describe briefly what you understand by qualitative characteristics of useful information. State the fundamental qualitative characteristics and briefly explain them. Pa 46 - 48 gy State the enhancing qualitative characteristics, and briefly explain them. hy Can information that is irrelevant or not faithfully represented be made useful by being more comparable, verifiable, timely or understandable? Required Provide answers to the above questions with reference to the Conceptual Framework for Financial Reporting. Financial Accounting 1B (AFE 3692) The Conceptual Framework for Financial Reporting Question 1 Consider the following issues relating to the Conceptual Framework for Financial Reporting, a) What is the purpose of the IASB's Conceptual Framework? b) Describe briefly the objective of financial reporting? c) Who are the users of financial reports? d) Describe briefly what is meant by the accrual basis of accounting. e) Describe briefly what you understand by qualitative characteristics of useful information. State the fundamental qualitative characteristics and briefly explain them. Pa 46 - 48 gy State the enhancing qualitative characteristics, and briefly explain them. hy Can information that is irrelevant or not faithfully represented be made useful by being more comparable, verifiable, timely or understandable? Required Provide answers to the above questions with reference to the Conceptual Framework for Financial Reporting