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When comparing​ FASB's Conceptual Framework to the​ IASB's Conceptual​ Framework: A. they differ in the principles...

When comparing​ FASB's Conceptual Framework to the​ IASB's Conceptual​ Framework:

A.

they differ in the principles of recognition and measurement

B.

they differ in the descriptions of elements of financial reporting

C.

the objective and qualitative characteristics are identical

D.

All of the above

2.

The primary purpose of the conceptual framework is to provide guidance to​ ________.

A.

preparers of financial statements

B.

standard setters

C.

CEOs

D.

auditors

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Answer #1

Ans: The correct option for the answer is option D i.e. All of the above

When comparing​ FASB's Conceptual Framework to the​ IASB's Conceptual​ Framework : they differ in the principles of recognition and measurement, they differ in the descriptions of elements of financial reporting, the objective and qualitative characteristics are identical

Ans: The correct option for the answer is option B i.e. Standard setters

The main focus of the conceptual framework is to provide guidance mainly to standard setters

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