Social accountability is considered in the Conceptual Framework as part of the objectives of general purpose financial reports.

Question

Quizplus · Accepted Answer

Social accountability is not considered in the Conceptual Framework as part of the objectives of general purpose financial reports. The main objectives of general purpose financial reports according to the Conceptual Framework are to provide information that is useful in making economic decisions, to provide information about a reporting entity's resources, claims against the entity, and changes in resources and claims, and to provide information that helps assess management's stewardship.

Social Accountability Is Considered in the Conceptual Framework as Part