Which of the Following Groups Would Be Considered Users of the Financial

question 13

Multiple Choice

Which of the following groups would be considered users of the financial statements?

• A) governments
• B) current shareholders
• C) general public
• D) all of the above

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Definitions:

AASB 138

An Australian Accounting Standard Board rule that outlines the accounting requirements for intangible assets not covered by other specific standards.

Finite Useful Lives

refers to the expected period over which an asset is anticipated to be economically beneficial to an entity, after which it is likely to be considered obsolete or worn out.

AASB 138

An Australian Accounting Standard that outlines the accounting treatment for intangible assets not covered by another Standard.

Intangibles

Non-physical assets owned by a firm that can include patents, trademarks, copyrights, and goodwill.