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Revision question on IASB framework #12

The IASB’s framework for the preparation and presentation of financial statements was produced in 1989 and is gradually being replaced by the new conceptual framework
for financial reporting.

(i) Explain the purposes of the conceptual framework.

(ii) Describe the recognition criteria of elements of financial statements.

(iii) State and explain the underlying assumption in the preparation of financial statements.

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