Which of the Following Is a Major Difference Between the IASB's

question 35

Multiple Choice

Which of the following is a major difference between the IASB's conceptual framework and the FASB's conceptual framework?

• A)The IASB prefers replacement cost over historical cost as a measurement basis.
• B)FASB limits primary user groups to investors and creditors.
• C)FASB's conceptual framework is considerably shorter than the IASB's.
• D)The IASB's framework is in the form of a series of concept statements rather than a single framework.

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Definitions:

Static Method

A method in programming that belongs to the class rather than any object of the class and can be called without creating an instance of the class.

Forecasting

The process of making predictions based on past and present data and analysis of trends, often used in planning inventory, sales, and other business operations.

Systematic Component

The part of a model or data that can be directly attributed to identifiable, potentially predictable, factors rather than random variation.

Seasonality

The periodic fluctuations in demand or activity levels experienced by businesses, often influenced by the time of year or season.