As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature.

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QUESTION:

As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the IASB’s The Conceptual Framework for Financial Reporting.

Instructions

Access the IASB Framework at the IASB website. (Click on the IFRS tab and then register for free eIFRS access if necessary.) When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following items. (Provide paragraph citations.)

a. What is the objective of general-purpose financial reporting?

b. What other means are there of communicating information, besides financial statements?

c. Indicate some of the users and the information they are most directly concerned with in economic decision-making.


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