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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.

Required:
(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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