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question 3 - 4 marks (750 words) TheConceptual Framework Chapter 1 OB2 states that the objective of general purpose financial reporting is to provide financial

question 3 - 4 marks (750 words)

TheConceptual Framework Chapter 1 OB2 states that "the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity"Does the identification of these particular users have implications for the measurement basis chosen by the IASB? In your response you will need to consider whether fair values or historical costs will be more relevant to the users identified within the conceptual framework.

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