Question 1 - 750 words Financial reports (and the conceptual frameworks on which they are based)...

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Accounting

Question 1 - 750 words Financial reports (and the conceptualframeworks on which they are based) can either embrace a ‘decisionusefulness’ or ‘stewardship’ function. Define these two terms.Which of these functions has the IASB deemed more important inrecent years? Critically evaluate whether the approach adopted bythe IASB will lead to the provision of relevant and/or reliableinformation for all users.

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Decision usefullness Investors creditors shareholders and banks rely heavily upon the information provided in the financial reports To ensure that financial reports give information which is relevant to these stakeholders various standards have been set up over the time A financial report is sait to be giving useful See Answer

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