Which statement about the AASB Conceptual Framework is not true?
A) It establishes the objectives of the financial statements.
B) It sets out the fundamental and enhancing qualitative characteristics of financial reports.
C) It applies to all entities producing special purpose financial statements.
D) It defines the elements of the financial statements.

Question

Quizplus · Accepted Answer

The AASB Conceptual Framework applies only to general purpose financial statements issued by entities in the private and public sectors. It does not apply to special purpose financial statements.

Which Statement About the AASB Conceptual Framework Is Not True