Question

The conceptual framework that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (ASB) are attempting to converge and enhance includes the following broad areas to guide standard setting except:_________.
A) Qualitative characteristics
B) Objectives Elements
C) Recognition and measurement
D) Uniformity

Answer 1

Answer:

D) Uniformity

Explanation:

The purpose of the conceptual framework is to assist the International Accounting Standards Boards and account preparers in having a better understanding of the International Financial Reporting Accounting Standards, knowing the right accounting policy to take where there is no clear standard, as well as developing and revising standards.

Issues meant to be addressed by this framework include recognition and derecognition, measurement, qualitative characteristics of important financial information, the objective of financial reporting, financial statements and the reporting entity, understanding of capital and capital maintenance as well as presentation and closure.