Question: Question 1 (20mks) What does the IASBs Conceptual Framework for Financial Reporting state as the objective of general purpose financial reporting? Question 2 (20mks) The

Question 1 (20mks)

What does the IASBs Conceptual Framework for Financial Reporting state as the objective of general purpose financial reporting?

Question 2 (20mks)

The major providers of financing in some countries are stockholders, while other countries predominantly use banks as the main financing source. What difference does it make to accounting disclosures in comparing a company from one of each of those countries?

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