Live Session 1 Activity 1: Discussion Questions 1. Who are the main users of published financial accounts? For what purposes do these groups of people make use of financial accounts, and what type of information do you think they are likely to require? Is this information necessarily financial? 2. In the context of your own national background, rank the groups of users of accounting information, omitting managers, according to the priority that you think should be given to their needs. Explain your reasons. 3. Choose three accounting conventions and explain their meaning and significance to users of accounting statements. 4. When is accounting information useful for decision-making? Discuss fundamental and enhancing characteristics of accounting information per the IASB Conceptual Framework. 5. What are the advantages and disadvantages of uniform accounting standards