Outline three (3) advantages and three(3) disadvantages of the conceptual framework for financial reporting. Define the term “General Purpose Financial statement and explain the primary objectives of General Purpose Financial Statements as per the conceptual framework. Define each of the elements of financial statementsShow transcribed image text Outline three (3) advantages and three(3) disadvantages of the conceptual framework for financial reporting. Define the term “General Purpose Financial statement and explain the primary objectives of General Purpose Financial Statements as per the conceptual framework. Define each of the elements of financial statements
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