Financial Reporting Chapter 2

What does the Conceptual Framework deal with?
The objective of financial reporting, the qualitative characteristics of useful financial information, the definition recognition and measurement of the elements from which financial statements are constructed, concepts of capital capital maintenance
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Who are the primary users of of Financial Statements?
Lenders, borrowers and shareholders.
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Who are the secondary users?
employees, customers, government, the public
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What are the fundamental qualitative characteristics of financial information
relevance and faithful representation.
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What are the enancing qualitative characteristics of financial information
comparability, understandability, timeliness, verifiability
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Card 2

Front

Who are the primary users of of Financial Statements?

Back

Lenders, borrowers and shareholders.

Card 3

Front

Who are the secondary users?

Back

Preview of the front of card 3

Card 4

Front

What are the fundamental qualitative characteristics of financial information

Back

Preview of the front of card 4

Card 5

Front

What are the enancing qualitative characteristics of financial information

Back

Preview of the front of card 5

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