The key components of the conceptual framework include
A)the objective of financial reporting, qualitative characteristics, the going concern assumption, elements of financial statements and the measurement of those elements.
B)the objective of financial reporting, qualitative characteristics, the going concern assumption, and elements of financial statements.
C)the objective of financial reporting, qualitative characteristics, the going concern assumption, and measurement of the elements of financial statements.
D)the objective of financial reporting, qualitative characteristics and the going concern assumption.

Question

Quizplus · Accepted Answer

The conceptual framework for financial reporting includes several key components: the objective of financial reporting, qualitative characteristics that make financial information useful, the going concern assumption, elements of financial statements (like assets, liabilities, equity, income, and expenses), and the measurement of those elements (how to value and present them in financial statements). These components work together to guide the preparation and presentation of financial statements.

The Key Components of the Conceptual Framework Include