Tag (SQ): Information Needs

(a). Explain the term “Conceptual Framework” in relation to IFRS Accounting Standards.

(b). Define assets and liabilities.

(c) The International Accounting Standards Board’s Conceptual Framework requires that entities should comply with certain accounting concepts and underlying assumptions which include:
(i) Substance over form;
(ii) Materiality;
(iii) Comparability; and
(iv) Going concern.

Explain briefly the meaning of these concepts.

(d). Discuss the information needs of the following users of a company’s financial statements:

(i) Lenders;

(ii) Suppliers;

(iii) Customers;

(iv) Employees; and

(v) Government and its agencies.