You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions.
(a) Who has to comply with accounting standards? How is this determined?
(b) Where can I find accounting standards?
(c) What is the primary objective of General Purpose Financial Reports?
(d) What are the qualities that make financial statements ‘useful'?
Required (approximately 400 words):
Answer each of the questions identified above, ensuring that you refer to the Conceptual Framework of Accounting in your answers.