The Goal of the Boards of the IASB and FASB

question 50

Multiple Choice

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

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Definitions:

Prudence

The quality of being careful, thoughtful, or wise in practical affairs or decision-making.

Fear of Failure

The persistent anxiety or aversion to the possibility of failing, which can inhibit one's willingness to take risks or attempt certain tasks.

Desire for Success

The motivation or drive to achieve goals and excel in tasks.

Negative Relationship

A relationship in which one variable decreases as the other increases, indicating an inverse association between them.