.
To assist the International Accounting Standards Board to develop IFRS Standards
To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy
To assist all parties to understand and interpret IFRS Standards
All of the above
True
False
True
False
No
Yes, the Board is not required to use the Conceptual Framework when developing Standards
Yes, but only from aspects of the Conceptual Framework and only if doing so is needed to meet the objective of financial reporting
True
False
Immediately after it is issued
For annual reporting periods beginning on or after 1 January 2020, with early application permitted
Never - the Conceptual Framework is only used by the International Accounting Standards Board
Provide information to regulators
Support the entity's tax return
Meet the information needs of an entity's stakeholders
Provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions relating to providing resources to the entity
Employees, investors and trade union representatives
Existing and potential investors, lenders and other creditors
Lenders and other creditors and customers
Existing and potential investors, government agencies and the general public
True
False
True
False
Providing information needed to assess management's stewardship is identified as an additional objective of financial reporting, equal in prominence to providing financial information useful to users in making decisions relating to providing resources to the entity
Decisions relating to providing resources to the entity depend on users' assessment of the amount, timing and uncertainty of the prospects for future net cash inflows to the entity and on their assessment of management's stewardship
Providing information needed to assess stewardship is more important than providing information needed to assess the prospects for future cash inflows to the entity
Financial reports are not intended to provide information needed to assess stewardship
Comparability and relevance
Relevance and reliability
Relevance, reliability and comparability
Relevance and faithful representation
Comparability, relevance and faithful representation
Only predictive value
Only confirmative value
Both predictive and confirmatory value
Either predictive or confirmatory value, or both
The exercise of caution when making judgements under conditions of uncertainty
A bias towards understating assets or income and towards overstating liabilities or expenses
A preference towards the earlier recognition of expenses and liabilities than of income and assets
A mechanism for smoothing profits over time (understate profits in good years and overstate profits in bad years)
A form of accounting conservatism
Relevance is a fundamental qualitative characteristic of useful financial information
Financial information without both relevance and faithful representation is not useful
Enhancing qualitative characteristics cannot make information useful if that information is irrelevant or does not provide a faithful representation of what it purports to represent
All of the above
None of the above
True
False
True
False
Separate reporting entities
A partnership
A single reporting entity
A legal entity
True
False
Management's choice
Legal form of the reporting entity
Information needs of the primary users of the reporting entity
All of the above
None of the above
A portion of an entity
A single entity
More than one entity
All of the above
None of the above
A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
A present economic resource controlled by the entity as a result of past events
A right to receive income or reduce expenses in the future
None of the above
The set of rights arising from legal ownership of the physical object
The physical object
The economic benefits that may flow from the physical object
All of the above
None of the above
True
False
A present obligation of the entity to transfer an economic resource as a result of past events
A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodyiong economic benefits
An amount the entity may have to pay after the end of the reporting period
None of the above