In Regards to the Conceptual Framework for Financial Reporting,which of the Following

question 17

Multiple Choice

In regards to The Conceptual Framework for Financial Reporting,which of the following is incorrect:

• A)limited sections of this were not revised under a joint project by the IASB and the FASB and issued in 2010.
• B)it was issued by the IASB.
• C)it derives from conceptual frameworks developed in several countries over the past 30 years.
• D)the project was re‐commenced by the IASB and a Proposed Framework is expected to be enacted in 2017.

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Definitions:

Construction In Progress

The balance sheet account that represents the costs incurred on a construction project during the period it is actively being worked on.

Anticipated Losses

Expected financial deficits that are predicted based on current circumstances or activities.

Completed Contract

An accounting method where revenue and income are recognized only after a contract is finished or the work is completely done.

Percentage Of Completion

An accounting method used to recognize revenue and expenses of long-term contracts proportionally as the contract progresses toward completion.