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:

Grants

Financial aid provided by an entity (often a government or foundation) to an individual or organization for a specific purpose without the expectation of repayment.

Audience Oriented

Tailored or adapted to the interests, level of understanding, or preferences of the intended audience.

Preferred Travel Dates

Specific dates chosen by travelers for departure and return, according to their convenience or schedule.

Payment

The act of providing money or something of value in exchange for goods or services.