Which of the following statements about the Conceptual Framework is true?
A) The Conceptual Framework deals only with the objective of special purpose financial statements.
B) The Conceptual Framework for Financial Reporting provides guidelines intended to meet the information needs of a range of users who are able to command that reports be prepared to their own particular needs.
C) The Conceptual Framework deals only with the objective of general purpose financial statements.
D) the Conceptual Framework for Financial Reporting, SAC 1, and SAC 2 provides guidelines on the preparation of financial statements for a specific group of users.

Question

Quizplus · Accepted Answer

The Conceptual Framework primarily focuses on the objectives of general purpose financial statements, aiming to provide information that is useful to a wide range of users for making economic decisions. It does not limit its scope to special purpose financial statements or to the needs of a specific group of users.

Which of the Following Statements About the Conceptual Framework Is