In an Effort to Improve the Conceptual Framework,the FASB,in Conjunction

question 31

Multiple Choice

In an effort to improve the conceptual framework,the FASB,in conjunction with the IASB has been moving towards more __________ standards.

• A) rules approach
• B) principles approach
• C) broad approach
• D) international approach

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Definitions:

Intangible Asset

An intangible asset is a non-physical asset possessed by a company, such as patents, trademarks, and goodwill, that can produce future economic benefits.

Impairment

This term refers to a permanent reduction in the value of a company's asset, typically as a result of a change in market conditions or damage to the asset.

Legal Factors

Elements of the law that influence or affect business operations and strategy, including regulations, compliance issues, and legal disputes.

Economic Factors

These are variables and conditions that affect the economic performance of markets and businesses, such as inflation rates, unemployment levels, and interest rates.