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Which TWO of the following are important fundamental assumptions for financial statements
according to the IASB’s Conceptual framework for financial reporting?
1 Relevance
2 Going concern
3 Faithful representation
4 Accruals
A 1 and 2 only
B 2 and 3 only
C 3 and 4 only
D 1 and 3 only
Sir, why the correct answer is D? how about going concern concept which is underlying concept..I think assumption means concept not qualitative characteristic..May be something is wrong with this question and have to be asked fundamental qualitative characteristic not assumption..Pls disclose this question,thanks in advance
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