Asked by Michael Thamms on May 12, 2024
Verified
The goal of the boards of the IASB and FASB is to develop a joint conceptual framework project that is both complete and internally consistent.However, as a limitation the boards concluded that
A) a comprehensive reconsideration of all concepts underlying financial reporting would slow the progress but would be a necessary use of their time
B) the project would have to be split into four phases and worked on one at a time
C) the project would have to be split into eight phases, and all phases would be worked on simultaneously
D) a comprehensive reconsideration of all concepts underlying financial reporting would not be an efficient use of their time
Joint Conceptual Framework
A collaborative effort among accounting standards boards to establish a common conceptual foundation for the development of accounting standards.
IASB and FASB
The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are organizations that establish and communicate standards of financial accounting and reporting.
- Discern the underlying assumptions, fundamental principles, and barriers within the financial reporting conceptual framework.
Verified Answer
Learning Objectives
- Discern the underlying assumptions, fundamental principles, and barriers within the financial reporting conceptual framework.
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