Which of the following statements is not correct?
A) Requirements for special purpose financial reports are contained in AASB accounting standards.
B) The IASB's Conceptual Framework identifies potential investors as a primary user group of general purpose financial reports.
C) All general purpose financial reports are prepared in accordance with accounting standards.
D) SAC 1 Definition of the Reporting Entity defines a general purpose financial report as 'a report intended to meet the information needs of users who are unable to command the preparation of reports tailored to satisfy their information needs'.
Correct Answer:
Verified
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