Define the objectives of external financial reporting

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Question - Conceptual Framework - The FASB's Conceptual Framework for Financial Reporting states the objectives of financial reporting. It also identifies two fundamental qualitative characteristics and several enhancing qualitative characteristics of decision-useful financial reporting information, as well as a constraint on financial accounting information.

Required - Define the objectives of general purpose external financial reporting. Then discuss each of the fundamental and enhancing qualitative characteristics of decision-useful financial reporting information. Finish by discussing the constraint.

Reference no: EM132879576

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