There are plenty of places in L1 material where there is a list of things associated with a certain LOS. I was wondering how much importance should one place on these lists? It will be very easy to make a “least likely” type of question on these lists but I am hoping against hope that someone might say that it is unnecessary to remember theses lists. The following are a few examples for clarification about my concern: One of the readings for Study Session 7 has the following lists: IASB Goals: 1- develop accounting standards and blah blah blah 2- promote accounting standards 3- account for the impact on small firms and emerging markets 4- achieve convergence of national & global accounting standards Objectives of IASB Framerwork: 1- Understandability 2- Comparability 3- Relevance 4- Reliable Then 5 qualifying characteristics of being “reliable” a- faithful presenation b- substance over form c- neutrality d- completeness e- prudence Coherent Financial Reporting System 1 Transparency 2 Comprehensiveness 3 Consistency Objectives of Financial Market Reguulation 1 Protect investors 2 reduce systematic risk 3 ensure that fairness, efficiency & transparency of markets