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The IAS Conceptual Framework requires financial reporting to provide financial information that is useful to the users of the financial statements to make economic decisions
The IAS Conceptual Framework requires financial reporting to provide financial information that is useful to the users of the financial statements to make economic decisions about a business entity.
However many critics believe that there are too many limitations in the preparation of financial statements for them to be useful.
Required: Critically discuss the usefulness and limitations of financial statements.
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