What is the objective of financial reporting in the Conceptual Framework?
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What is the main objective of financial reporting according to the Conceptual Framework?General purpose financial reports are not designed to show the value of a reporting entity; but they provide information to help existing and potential investors, lenders and other creditors to estimate the value of the reporting entity.
What is the objective of financial reporting under the revised Conceptual Framework for financial reporting?The chapter notes that 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 relating to providing resources to the entity.
What is the Conceptual Framework for financial reporting?What Is the Conceptual Framework? The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives.
What is the main objective of Conceptual Framework?(a) The Conceptual Framework facilitates a common understanding of basic principles or concepts of financial reporting among all those who use the Standards.
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