The IASB's Conceptual Framework Identifies Which of These Groups as the Prime

question 22

Multiple Choice

The IASB's Conceptual Framework identifies which of these groups as the prime users of financial reports?

• A) Investors and their advisors
• B) Present and potential investors and creditors
• C) Governments, regulatory bodies and parties performing an overseeing function
• D) The public and consumers of goods and services

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Definitions:

Shortsightedness Effect

The shortsightedness effect refers to the tendency of decision-makers to prioritize short-term gains over long-term outcomes, often leading to suboptimal results.

Immediate Benefits

Advantages or gains that can be realized in the near term without significant delay.

Distant Future

A period of time that is significantly far ahead from the present moment.

Logrolling

In politics, the practice of exchanging favors, especially in legislative bodies, by reciprocal voting for each other's proposed legislation.