Is conceptual framework for Financial Reporting Necessary? Discuss
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Is conceptual framework for Financial Reporting Necessary?
Discuss
NB: please to answer this question in three paragraphs.
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- Describe the value of a conceptual framework as well as the purpose of financial reporting in this paper.Explain any SIX (6) qualitative characteristics of financial information as suggested by the conceptual framework which are useful for decision-making.List and explain the objectives of Financial Reporting.
- Please explain the importance of financial reports, IASB, and IFRS.Critically analyse the components of Financial StatementsWhat is the purpose of financial statement analysis? State four main analysis areas that would be completed on a financial statement. State the four standards for comparison in analysis. What are the three tools used to do analysis of financial statements?
- List any three objectives of financial statements?describe the three ways you would identify if a financial statement is a special purpose financial statement or general-purpose financial statement.The conceptual framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial reporting (GPFR). Explain 5 importance of the conceptual framework.