The international conceptual framework describes the objective of, and concepts for, general purpose financial statements. One purpose of the conceptual framework is to assist all parties to understand and interpret the International Accounting Standards. Requirement: Give three examples of users of the financial statements. For each of the examples given explain for what purpose do they want to use the accounts. Furthermore discuss two limitations users of financial statements face?

The international conceptual framework describes the objective of, and concepts for, general purpose financial statements. One purpose of the conceptual framework is to assist all parties to understand and interpret the International Accounting Standards. Requirement: Give three examples of users of the financial statements. For each of the examples given explain for what purpose do they want to use the accounts. Furthermore discuss two limitations users of financial statements face?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA1: International Financial Reporting Standards

Section: Chapter Questions

Problem 4MCQ

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