Currently the FASB and IASB Have Two Separate Conceptual Frameworks

question 96

True/False

Currently the FASB and IASB have two separate conceptual frameworks which are partially converged.

Describe the characteristics and influences of legal-political conditions in the business environment.

Recognize the role of socio-cultural factors in shaping organizational strategies.

Understand the impact of technological advancements on business strategies.

Describe the significance of the natural environment in business decision-making.

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Definitions:

Basic Psychological Needs

Fundamental requirements for mental well-being, including autonomy, competence, and relatedness.

Self-Determination Theory

A psychological theory that explains human motivation in terms of our innate needs for competence, autonomy, and relatedness.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the realization of one's potential, self-fulfillment, seeking personal growth, and peak experiences.

Maslow

Refers to Abraham Maslow, a psychologist best known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.