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Hi
I am struggling a bit with the concept of conceptual framework. If I was asked this in an exam I would say:
It is a set of principles (e.g. IFRS), designed to help preparers of the financial statements make the information useful and easy to understand to users.
Users of the financial statements could be, banks, lenders, employees, suppliers.
Then I would go on to explain the qualitative characteristics etc.Thanks
All OK – but that’s the kind of question you get in FR not SBR.
In SBR you are more likely to be asked to state your view on whether a particular accounting standard is consistent with the conceptual framework
That’s, that’s probably my opening sentence I was going to use and then apply the relevant scenario etc. Just wanted to check that sentence was OK to use as an outline in every exam question!
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