The IASB and US FASB Are Jointly Developing a Common

question 19

True/False

The IASB and US FASB are jointly developing a common conceptual framework to guide both standard setters in developing separate standards for their constituents.

---

Definitions:

TQM

Total Quality Management; a comprehensive approach focused on continuous improvement in all aspects of an organization through quality control, customer focus, and employee involvement.

Zero Defects

A quality management philosophy that aims for the minimization and elimination of defects in manufacturing processes and products.

Deming

Refers to W. Edwards Deming, an American engineer and statistician known for his work in quality management and his influential ideas in improving business processes.