Q1 The purpose of Q1 is to demonstrate your knowledge of the qualitative characteristics of accounting as outlined in the conceptual framework (CF).
A well-designed answer will:
1. Define CF in accounting
2. Link CF to the objectives of general purpose financial reporting
3. Link the objectives of general purpose financial reporting to intended users
4. Link the qualitative characteristics of accounting to intended users
5. Link the qualitative characteristics to the objectives of measurement in accounting
6. Answer the questions: o Which is more important: relevance or faithful representation? o Is it possible for accounting to ever achieve faithful representation? AND justify the answers. There is a lot of subject content contained within the above design, and the question has a tight word-count, so your answers will need to be concise.
The following are directed links that form the core of the resources and readings necessary to answer Q1.