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Asked by Pinky Melon on Jul 04, 2024

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What does the IASB's Conceptual Framework for Financial Reporting state as the objective of general purpose financial reporting?

IASB's Conceptual Framework

A comprehensive set of accounting principles and concepts issued by the International Accounting Standards Board to guide the development of standards.

Financial Reporting

Generating communications that present the financial situation of a corporation to its management team, shareholders, and the government.

General Purpose

An undirected goal, usually implying flexibility and adaptability to a variety of situations or tasks.

  • Recognize the role and objective of general purpose financial reporting as per the IASB's Conceptual Framework.
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JL
Jessica LivingstonJul 09, 2024
Final Answer :
The IASB Conceptual Framework states that the objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.

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