Question 3:

A)- What is the purpose of the FASBs / ISABs conceptual framework?

B- What is the difference between predictive value and confirmatory value?

C- How are materiality (and immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the presentation of a financial statement?

D- What are the basic elements of the Conceptual Framework? Briefly describe the relationship between the moment in time and period of time elements.