Which of the following statements about general purpose financial reports (GPFRs) is correct?
A) Neither the IASB's Conceptual Framework or SAC 2 contain a definition of GPFRs.
B) The IASB's Conceptual Framework and SAC2 have the same definition of GPFRs.
C) The IASB's Conceptual Framework and SAC 4 have different definitions of GPFRs.
D) There is no clear definition of GPFRs in the IASB's Conceptual Framework.

Question

Quizplus · Accepted Answer

The IASB's Conceptual Framework does not provide a clear definition of GPFRs. While SAC 2 does not explicitly define GPFRs, it does refer to financial statements as a form of GPFRs. SAC 4, on the other hand, defines GPFRs as financial reports produced for external parties that are intended to meet their general information needs.

Which of the Following Statements About General Purpose Financial Reports