What is the objective of the Conceptual Framework? Useful for decision making GPFR – general purpose financial reports – users need these reports to be in accordance with AASB, Conceptual Framework and True and Fair otherwise decision making will be impacted. This results in information asymmetry and can lead to moral hazard for users. What are the Qualitative Characteristics of the Conceptual Framework? Fundamental Characteristics Relevance Reliability Faithful Representation Additional Characteristics Understandability Comparability Consistency Materiality Verifiability Timeliness Cost
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