Paragraph OB2 of the Conceptual Framework for
Financial Reporting should be amended as follows:
OB2 The objectives of general
purpose financial reporting* are
(a)
maintaining the constant purchasing power of capital
in units of constant purchasing power in terms of a daily index or rate and
(b) 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 entity. Those
decisions involve buying, selling or holding equity and debt instruments, and
providing or settling loans and other forms of credit.
Nicolaas Smith
Copyright (c) 2005-2012 Nicolaas J Smith. All rights reserved. No reproduction without permission.
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