A. The existing IASB and FASB conceptual frameworks are organized in similar ways. Multiple Choice Questions: 1. Which of the following statements regarding the IASB and FASB conceptual frameworks is not correct? A. The existing IASB and FASB conceptual frameworks are organized in similar ways. B. The two assumptions of the IASB framework are that the financial statements are prepared on an accrual basis and that the reporting entity is a going concern. C. The FASB and IASB agree that the sole objective of financial reporting is to provide users with information that is useful for decision-making. D. The FASB conceptual framework discusses the concept of accrual basis accounting in detail, but does not specifically identity it as an assumption. The issues which the FASB and IASB must address in developing a common conceptual framework include all of the following except: a. Should the common framework lead to standards that are principles-based or rulesbased? B. Should the role
Lion Essays is a licensed Academic Writing Service created to offer academic help to students from all parts of the world. We strive to be the best at what we do by combining convenient academic help with affordable pricing to allow all students to subscribe to our outstanding services.