Identification of certain groups of users has implications

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Problem 1: The AASB Framework Chapter 1 (1.2) states that "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 relating to providing resources to the entity". Critically evaluate whether the identification of certain groups of users has implications for the measurement basis chosen by the IASB/AASB? Your evaluation should include a consideration as to whether fair values or historical costs will be more relevant to the users identified within the conceptual framework.

Reference no: EM132842279

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