(i) The primary purpose of financial information is to be useful to existing and potential...
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(i) The primary purpose of financial information is to be useful to existing and potential investors, lenders and other creditors (users) when making decisions about the financing of the entity and exercising rights to vote on, or otherwise influence, managements actions that affect the use of the entitys economic resources. Critically examine how the establishment of the revised framework set by the International Accounting Standards Board enhances financial reporting. (15 marks)
(ii) The objective of IAS 1 Presentation of Financial Statements is to prescribe the basis for presentation of general purpose financial statements, in order to ensure comparability both with the enterprises own financial statements of previous periods and with the financial statements of other enterprises. Discuss how far the qualitative characteristics and accounting concepts referred to in IAS 1 serve the purpose in todays environment. (15 marks) For both parts (i) and (ii), support your answer with examples.
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