Briefly explain the history and development of IFRS and discuss the extent to which its adoption has enhanced the relevance and reliability of the financial statements.
Part A The regulatory framework Chapter 2 of the conceptual framework identifies the qualitative characteristics of financial information that are likely to be most useful to users in making decisions about the reporting entity. Relevance and Faithful representation are considered the fundamental qualitative characteristics of useful financial information. To improve the transparency and comparability of […]