Which of the Following Is Not True Concerning the FASB

question 238

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 not 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 auditors' decisions in order to enhance the quality and consistency of the audits.
• 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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