![]() The objective of general-purpose financial reporting is to report financial information that is useful in making decisions about providing resources to the reporting entity. The Objective of General-Purpose Financial Reporting a. The three study units are Study Unit 1: External Financial Statements and Revenue Recognition Study Unit 2: Measurement, Valuation, and Disclosure: Investments and Short-Term Items Study Unit 3: Measurement, Valuation, and Disclosure: Long-Term Items 1.1 CONCEPTS OF FINANCIAL ACCOUNTING 1. The relative weight assigned to this major topic in Part 1 of the exam is 15%. 22 This study unit is the first of three on external financial reporting decisions. 19 1.7 Revenue Recognition - Long-Term Construction Contracts. ![]() 14 1.6 Revenue Recognition - Revenue Recognition after Delivery. 7 1.4 Statement of Changes in Equity and Equity Transactions. 4 1.3 Income Statement and Statement of Comprehensive Income. ![]() 1 1.2 Statement of Financial Position (Balance Sheet). STUDY UNIT ONE EXTERNAL FINANCIAL STATEMENTS AND REVENUE RECOGNITION 1.1 Concepts of Financial Accounting.
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