Both the IASB and the FASB frameworks consider the main objective of financial reporting is to communicate financial information to users.The information is to be selected on the basis of its usefulness in the economic decision-making process.This objective is seen to be achieved by reporting information that is:
I Useful in making economic decisions
II Useful in assessing cash flow prospects
III About enterprise resources,claims to those resources and changes in them

Question

Quizplus · Accepted Answer

The IASB and the FASB frameworks consider the main objective of financial reporting is to communicate financial information to users that is useful in the economic decision-making process. This usefulness is achieved by reporting information about the enterprise resources, claims to those resources, and changes in them, as well as information useful in making economic decisions and assessing cash flow prospects. Therefore, the best choice is (D) i, ii, and iii.

Both the IASB and the FASB Frameworks Consider the Main