When an IASB Standard Conflicts with the Conceptual Framework,the Former

question 28

True/False

When an IASB standard conflicts with the Conceptual Framework,the former prevails.

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Definitions:

Implied Contract

A contract created by the actions or gestures of the parties involved in the transaction.

Nondiscriminatory Manner

Acting or making decisions without bias, unfairness, or discrimination towards any individual or group.

Worker Adjustment and Retraining Notification

A U.S. labor law requiring most employers with 100 or more employees to provide 60-day advance notification of plant closings and mass layoffs.

Plant Closing

The process of permanently shutting down a factory or business, often accompanied by layoffs of employees.