Q1

What is the objective purpose of general-purpose financial reporting?

Q2

Users of financial statements can face different questions about the recognition and measurement of financial items. To help develop the type of financial information that can be used to answer these questions financial accounting and reporting rules are based on a conceptual framework.

Requirements:

1. What are the basic components of the Conceptual Framework?

2. What are your views about the success of the conceptual framework?