Revised Conceptual Framework for Financial Reporting: Key Concepts

The primary objective of general purpose financial reporting is to provide financial information about the ______ that is useful to a wide range of users.

The ______ of financial reporting is to provide financial information that is useful for decision-making by existing and potential investors, lenders, and other creditors.

The Framework defines ______ as the economic benefits that an entity controls as a result of past transactions or events.

The Framework identifies ______ as the increases in economic benefits during the reporting period in the form of inflows or enhancements of assets, or decreases of liabilities that result in increases in equity.

The Framework describes ______ as the decreases in economic benefits during the reporting period in the form of outflows or depletions of assets, or incurrences of liabilities that result in decreases in equity.