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Explain the objective of general purpose financial reporting

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Question (a) Explain the objectives of general purpose financial reporting, the nature of users, and the information to be provided to users to achieve the objectives as provided in the Conceptual Framework.

Question (b) Explain the difference between classification of expenses by nature and by function as presented in the statement of profit and loss and other comprehensive income. 

Question (c) Megane Ltd has the following items:

1. Goodwill acquired in the purchase of a business

2. Training costs associated with a new product

3. The cost of testing in search for product alternatives

4. Legal costs incurred in securing a patent

5. The cost of purchasing a trademark Required: Explain based on AASB 138/IAS 38 which of these items as shown above, should be included as an intangible asset in the accounts of Megane Ltd.

Reference no: EM132564364

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