The international conceptual framework describes the objective of, and concepts for, general purpose financial statements. One purpose of the conceptual framework is to assist all parties to understand and interpret the International Accounting Standards. Requirement: Give three examples of users of the financial statements. For each of the examples given explain for what purpose do they want to use the accounts. Furthermore discuss two limitations users of financial statements face?

The international conceptual framework describes the objective of, and concepts for, general purpose financial statements. One purpose of the conceptual framework is to assist all parties to understand and interpret the International Accounting Standards. Requirement: Give three examples of users of the financial statements. For each of the examples given explain for what purpose do they want to use the accounts. Furthermore discuss two limitations users of financial statements face?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 6MC: The standards, procedures, and principles companies must follow when preparing their financial...

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