An Implicit Assumption of the International Accounting Standards Board's (IASB's)

question 86

True/False

An implicit assumption of the International Accounting Standards Board's (IASB's) Conceptual Framework is that users need to be experts in business and financial accounting matters to understand the information contained in financial statements.

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Definitions:

Economic Espionage Act

A U.S. law that makes the theft or misappropriation of a trade secret a federal crime when intended to benefit a foreign government, foreign instrumentality, or foreign agent.

Trade Secrets

Confidential business information that provides an enterprise a competitive edge and is often not disclosed to the public.

Misappropriations

involves the wrongful, illegal, or unauthorized use of funds or assets for purposes other than those intended by the owner or rightful possessor.

World Trade Organization

An international organization that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.