The primary reason for developing a conceptual framework was to:

Group of answer choices

enable regulators to develop accounting standards that are consistent and logically formulated.

assist to revise the accounting standards.

reduce the number of accounting standards needed.

provide an alternative view to the accounting standards.

The test to determine whether information which is otherwise relevant and faithfully represented, can be omitted, misstated or not disclosed separately without adversely affecting economic decision-making, is known as:

Group of answer choices

materiality.

understandability.

consistency.

comparability.

What are the fundamental qualitative characteristics for financial reporting contained in the Conceptual Framework?

I	Comparability	V	Faithful representation
II	Materiality	VI	Reliability
III	Timeliness	VII	Understandability
IV	Relevance	VIII	Verifiability

Group of answer choices

I, III, VII and VIII

IV and V only

V and VI only

IV and VI only