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Discuss the following statements in the context of the conceptual framework for financial reporting: (1)...

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Accounting

Discuss the following statements in the context of the conceptual framework for financial reporting: (1) Accounting is considered useful for users of its information, but it only gives information. (2) Users of accounting information are heterogeneous, but have similar needs. (3) While both "relevance" and "faithful representation" are desired characteristics of accounting information, accounting standard-setters often find themselves in a position of a trade-off between both qualities.

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