Question 3

a) Explain the objective of financial reporting. (3marks)

b) Identify three (3) regulatory bodies and explain their roles with regard to financial reporting practice in Malaysia. (7marks)

c) Under the Conceptual Framework for Financial Reporting, please explain the elements of financial statements and example items for each element. (5marks)

d) What are the two (2) primary qualities that make financial information useful for decision-making? (5marks)