Tag (SQ): Financial Reporting Quality

IFRS Accounting Standards are generally accepted as accounting standards in the preparation of general purpose financial statements in many countries of the world.

GENERAL PURPOSE FINANCIAL STATEMENTS

Required:
(a) Explain briefly the meaning of a general purpose financial statements in accordance with IAS 1 Presentation of Financial Statements. (2 marks)
(b) State and explain briefly any FOUR possible reasons for the prevalence of IFRS Accounting Standards in many countries of the world. (8 marks)
(c) Outline FIVE areas of relevance that the Conceptual Framework might have in respect of the quality of financial reporting. (5 marks)