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Your Task: The objective of general-purpose financial reporting is to provide fi

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Your Task: The objective of general-purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity1.You are required to discuss the difference between conservative accounting and neutral accounting. 2.What the arguments in favour of adopting conservative accounting or neutral accounting?3.Discuss the updated (2015) version of the definition of prudence apply conservative accounting or neutral accounting. The purpose of the IASB remove the reference to “prudence” from the Conceptual Framework in 2010.
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