Question 25 Who should prepare general purpose financial reports in Australia? Only disclosing entities All for-profit private sector entities For-profits entities that has public accountability All reporting entities Question 24 0.5 pts Which of the following is NOT a consideration when determining whether an asset should be recognised in financial statements: Whether the ownership of the asset can be transferred to others Whether the information about the asset is likely to be relevant for users of financial statements COO Whether the item is capable of generating future economic benefits that will flow to the entity Whether the entity controls the economic resource as a result of past events > Question 23 0.5 pts Which of the following is NOT a qualitative characteristic guiding the production of general-purpose financial reports according to the IASB conceptual framework for financial reporting? Comparability Relevance Faithful representation Assurability