The Components,or Building Blocks,in the IASB Framework for the Preparation

question 8

Multiple Choice

The components,or building blocks,in the IASB Framework for the Preparation and Presentation of Financial Statements do not include:

• A) The definition of 'financial reporting'
• B) Definition of users and their needs
• C) Underlying assumptions
• D) Accounting standards

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Definitions:

Foster Child

A child placed by a government agency or a court in the care of someone other than their biological parents.

Vicarious Liability

A legal principle wherein one party is held liable for the actions of another party, often used in employer-employee relationships.

Legal Responsibility

The obligation to act in accordance with the law and be accountable for one's actions in a legal context.

Acts of Another

Legal principle referring to the actions of a person that can affect the legal rights or responsibilities of another person.