Under IFRS, the Role of the Conceptual Framework

question 126

Multiple Choice

Under IFRS, the role of the conceptual framework:

• A) Primarily involves guiding standard setters to make sure that standards are consistent with each other.
• B) Includes serving as a guide for practitioners when a specific standard does not apply.
• C) Is less important than in U.S. GAAP.
• D) Has resulted primarily from a convergence with U.S. GAAP.

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Definitions:

Emotions

Complex psychological states that involve a mixture of feelings, thoughts, physiological changes, and behaviors.

Polytheistic

The belief in or worship of more than one god, characteristic of various religions and cultural traditions.

Henotheistic

Pertaining to the worship of a single god while not denying the existence or possible worship of other deities.

Monotheistic

Relating to or characterized by the belief in the existence of only one god.