CFAS Conceptual Framework questions with correct answers

Conceptual Framework for Financial Reporting - correct answer A complete, comprehensive and single document promulgated by the International Accounting Standards Board. Conceptual Framework - correct answer A summary of the terms and concepts that underlie the preparation and presentation of financial statements for external users. It is also an attempt to provide an overall theoretical foundation for accounting. Conceptual Framework - correct answer Intended to guide standard-setters, preparers and users of financial information in the preparation and presentation of statements. Conceptual Framework - correct answer It is the underlying theory for the development of accounting standards and revision of previously issued accounting standards. It is also concerned with general purpose financial statements, including consolidated financial statements. Annually - correct answer The financial statements are prepared at least ___________ and are directed toward the common needs of a wide range of users. Hierarchy of Reporting Standards - correct answer 1)PFRSs 2)Judgment When making the judgment: Management shall consider the following: