A.The Conceptual Framework identifies two fundamental qualitative characteristics of useful financial information and four enhancing characteristics. Preparers of financial information should attempt to maximize these characteristics to benefit the users.

1. Identify the fundamental and enhancing qualitative characteristics and explain in detail the benefits of the same for the users of the financial statements?

(15 marks)

(150 to 200 words)

B. IFRS for Small Medium Enterprises (SME) introduced to facilitate the SME organizations to prepare the financial statements more meaningful manner based on IFRS for SMEs.

a. Discuss the advantages and disadvantages of IFRS for SMEs in detail and evaluate the importance of IFRS-based SME financial statements for the stakeholders?

(150 to 200 words)

Answer rating: 100% (QA)

Part a 1 Relevance Relevant financial reporting information means the ability of users shareholders to make a difference in their decision Information regarding economic phenomenon will help the users ... View the full answer