Which of the following statements about the objective of general purpose financial reports (GPFRs), as contained in the IASB's Conceptual Framework, is correct?
A) GPFRs will generally satisfy user's needs for information.
B) The IASB's Conceptual Framework deliberately emphasises sustainability as an objective of GPFRs.
C) The entity perspective has been adopted when defining the objectives of GPFRs.
D) The primary users of GPFRs are seen as being a diverse group including shareholders, creditors, regulators, members of the public, etc.

Question

Quizplus · Accepted Answer

The IASB's Conceptual Framework adopts the entity perspective when defining the objectives of GPFRs, focusing on providing information about the entity's resources, claims against the entity, and changes in those resources and claims, rather than focusing on providing information to meet the needs of any particular group of users.

Which of the Following Statements About the Objective of General