In your teams, scan the resources in the following link to answer one set of the questions below.

Q 1 - What is the objective of financial reporting?

Q 2 - What are the qualitative characteristics of financial statements?

What is meant by relevance and faithful representation?
What are the underlying characteristics which support relevance and faithful representation?
What are the two underlying assumptions?

Q 3 - What are the five elements of financial reports?

Q 4 - What are the four possible measurement bases for assets?

	Created by Debs Seed over 9 years ago

	Copied by Debs Seed over 9 years ago

A teaching activity for AAT Financial Statements

The IASB Conceptual Framework