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Is the IASB’s framework part of the IFRS? Yes ___ or no ___. In what way...

Is the IASB’s framework part of the IFRS? Yes ___ or no ___. In what way is the IASB’s Framework intended to assist firms in preparing IFRS- based financial statement? Use an example

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Yes, the IASB’s framework is a part of the IFRS. The main objective of IASB’s Framework is to help prepares of financial statements proper application of IFRS as well as to address issues that have not been clarified in IFRS. If IFRS fails to provide specific guidance, then it is the IASB’s Framework which should be referred by the management to get details regarding definitions, and recognition and measurement criteria for assets, liabilities, income and expenses. Alpng with investors, the IASB’s Framework looks that the preparation of financial statements should be such that it is equally important to other stakeholders of the company such as creditors, customers, employees, government agencies suppliers, and the general public. Basically, it checks that financial statements prepared help in taking proper investment decisions.

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