The IASB's Framework for Preparation and Presentation of Financial Statements

question 47

Multiple Choice

The IASB's Framework for Preparation and Presentation of Financial Statements (1989) establishes:

• A)the required practices that should be followed by accountants in preparing financial statements.
• B)the structure,content,and format of financial statements.
• C)sanctions for failure to comply with the IASB standards.
• D)the concepts to be used in formulating international accounting standards.

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Definitions:

Description

The act of providing detailed information about characteristics, features, or aspects of something.

Writer

An individual who expresses thoughts, stories, or information through the act of writing, ranging from professional authors to casual communicators.

Concise

Expressing or covering much in few words; brief in form but comprehensive in scope.

We-viewpoint

A perspective in communication that emphasizes collective interest and involvement by using pronouns like "we" and "us."