What is the objective of the Conceptual Framework? Useful for decision making GPFR – general purpose financial reports – users need these reports to be in accordance with AASB, Conceptual Framework and True and Fair otherwise decision making will be impacted. This results in information asymmetry and can lead to moral hazard for users. What are the Qualitative Characteristics of the Conceptual Framework? Fundamental Characteristics Relevance Reliability Faithful Representation Additional Characteristics Understandability Comparability Consistency Materiality Verifiability Timeliness Cost
top of page
Search
Recent Posts
See All1. Estimate the costs for the four tires using an activity-based approach. (Hint: You will need to consider how the new information...
860
Background: Clinton and Jennifer Andrews live in Sydney with their two school-age children. They bought their home 15 years ago. With the...
180
Budget profit statement for sales and overheads and information for the preparation of a cash budget
Task 1: INDIVIDUAL ACTIVITY Included in the file are: a summary budget profit statement for sales and overheads and information for the...
180
bottom of page
Comments