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Chapter 13: Q51STQ (page 658)

Question: With respect to the IASB conceptual framework project:

(a) Work is being conducted to produce separate discussion papers.

(b) Work is being conducted with the FASB.

(c) Work is being conducted to result in a discussion paper covering all the identified areas.

(d) The framework will not address elements of financial statements.

Short Answer

Expert verified

Answer

The correct option is(c) work is being conducted to result in a discussion paper covering all the identified areas.

Step by step solution

01

Definition of Conceptual Framework

Conceptual frameworks can be defined as the fundamentals and the principles that must be followed to achieve the targeted objective of the financial reporting.

02

Explanation for correct options

The correct option is (c) because under IASB conceptual framework all the areas are discussed over a single paper. The discussion paper includes the elements that will be reported on the financial statements, measurement techniques, and disclosure.

03

Explanation for incorrect options

  1. Option (a) is incorrect because the work is being conducted on a single discussion paper. It includes all the areas of the business.
  2. Option (b) is incorrect because the IASB conceptual framework includes the details of only the IASB project.
  3. Option (d) is incorrect because the IASB framework defines all the elements of the financial statement, their disclosure, and their measurement.

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