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.

---

Definitions:

Durkheim

Emile Durkheim was a pioneering sociologist who made significant contributions to the study of society, including theories on social cohesion and the functions of rituals.

Society Changes

Refers to the evolution and transformation of social structures, norms, values, and behaviors over time in a community or society.

Power in Society

The ability to influence or outright control the behavior of people and the course of events within a community or society at large.

Industrial Societies

Societies characterized by a reliance on mechanized labor to create goods, resulting in a shift from agricultural economies to manufacturing economies.