In terms of the Conceptual Framework, a set of General-Purpose Financial Statements enable the users of financial information to make economic decisions pertaining to the reporting entity. For the General-Purpose Financial Statements to be useful, various Qualitative Characteristics must be present to make that General-Purpose Financial Statements to be useful.

You are required to:

a) Provide a brief explanation describing the Qualitative Characteristics. (8 Marks)

b) List the names of the 3 reports (relevant to this course) which make up a set of General-Purpose Financial Report. (3 Marks