The FASB’s Conceptual Framework for Financial Reporting states the objectives of financial…

 
   

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The FASB’s Conceptual Framework for Financial Reporting states the objectives of financial reporting. It also identifies two fundamental qualitative characteristics and several enhancing qualitative characteristics of decision-useful financial reporting information, as well as a constraint on financial accounting information. Required: Define the objectives of general purpose external financial reporting. Then discuss each of the fundamental and enhancing qualitative characteristics of decision-useful financial reporting information. Finish by discussing the constraint.