An implicit assumption of the International Accounting Standards Board's (IASB's) Conceptual Framework is that a. Information must be decision - useful to all potential users of financial reporting. b. General-purpose financial reporting is the primary source of information for users of financial reporting. c. Users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. d. All of the choices are correct.

An implicit assumption of the International Accounting Standards Board's (IASB's) Conceptual Framework is that a. Information must be decision - useful to all potential users of financial reporting. b. General-purpose financial reporting is the primary source of information for users of financial reporting. c. Users need reasonable knowledge of business and financial accounting matters to understand the information contained in financial statements. d. All of the choices are correct.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter2: Financial Reporting: Its Conceptual Framework

Section: Chapter Questions

Problem 5MC

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