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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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