Which of the Following Is Not True Concerning the FASB

question 32

Multiple Choice

Which of the following is not true concerning the FASB and the IASB conceptual frameworks?

• A)Both the FASB and the IASB rely on a conceptual framework to guide their standard-setting decisions.
• B)The conceptual framework is a rigorous set of principles from which standard setters can logically deduce appropriate financial reporting standards.
• C)The purpose of a conceptual framework is to guide standard-setting decisions in order to enhance the quality and consistency of those decisions.
• D)The FASB and the IASB have separately developed their conceptual frameworks, and those frameworks are similar.
• E)The two standard-setting bodies are currently working to develop a common conceptual framework for financial reporting.

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Definitions:

Corrosion

The process by which metals deteriorate due to reactions with chemicals in their environment.

Body Fluids

Liquids originating from inside the bodies of living organisms that include such substances as blood, urine, and saliva.

Surgical Procedure

A medical intervention involving an incision with instruments, performed to repair damage or arrest disease in a living body.

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