Revision question on financial accounting conceptual framework NBAA, B2, Nov 2018.

(a)  Identify the main users of the financial statements and describe the adequacy of the general purpose financial statements to cater for the reasonable needs of its major users.                                                                 

(b)       The  International   Accounting   Standards   Board   (IASB)   issued the Conceptual Framework which among other purposes assists the Board in the development of future IFRSs and in its review of existing IFRSs. It is therefore expected that IFRSs would not conflict with the Conceptual Framework.


(i)        Comment on the above statement.  

(ii)       Explain, if it happens, how the conflict between the treatment or provisions of any particular IFRSs and the Conceptual Framework would be dealt with.

(c)       The accountancy profession in Tanzania is solely regulated by the National Board of Accountants and Auditors (NBAA).   The NBAA adopted IFRS and IFRS for Small and Medium-sized Entities (SMEs) for application in Tanzania without modifications and including effective dates in 2004 and 2010, respectively.


(i)        Identify nature of entities that must apply full version of IFRS as per NBAA


(ii)       Explain possible reasons for the requirement in (i) above. 



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