Which statement in the conceptual framework is concerned with the objectives of business financial reporting? Note that SFAC 8 replaces this SFAC.
A)SFAC No. 1
B)SFAC No. 2
C)SFAC No. 3
D)SFAC No. 5

Question

Quizplus · Accepted Answer

SFAC No. 1, titled "Objectives of Financial Reporting by Business Enterprises," outlines the goals and purposes of financial reporting. SFAC 8 later replaced it, continuing to address the objectives of financial reporting.

Which Statement in the Conceptual Framework Is Concerned with the Objectives