Question 24. The Conceptual Framework for Financial Reporting states that the purpose of financial reporting is to provide information:

To management accountants for decision making

Support and enhance transparent financial reporting by governments and other public sector entities

Provide tax authorities with information to be used for tax assessment

All of the above

Question 25. Which of the following statements regarding intangible assets is NOT true?

Development expenditure that meets the qualifying criteria must be capitalized

Intangible assets can only be revalued if there is an active market for the asset

The useful economic life of intangible assets cannot exceed 10 years

Internally generated goodwill should not be recognized as an asset