Which Statement About the AASB Conceptual Framework Is Not True

question 55

Multiple Choice

Which statement about the AASB Conceptual Framework is not true?

• A) It establishes the objectives of the financial statements.
• B) It sets out the fundamental and enhancing qualitative characteristics of financial reports.
• C) It applies to all entities producing special purpose financial statements.
• D) It defines the elements of the financial statements.

---

Definitions:

Payee

The individual or entity to whom money is payable, typically the recipient of a check or electronic payment.

Demand Instrument

A financial document, like a check or promissory note, that is payable on demand or presentation.

Time Instrument

A financial document that specifies payment to be made at a future date.

Payee

The individual or entity to whom a payment is to be made.