2. The following statements are correct, except: , It is expected that IFRS will be beneficial to investors for this will reduce cost of comparing alternative investments. b. The Conceptual Framework is a set of principle-based international standards stating how particular types of transactions should be reported in the financial statements. C. The Conceptual Framework is used to set standards, enhance consistency across standards, and provide a benchmark for judgments. d. Preparers of financial statements use the Conceptual Framework to develop accounting policies in the absence of specific standard or interpretation.
2. The following statements are correct, except: , It is expected that IFRS will be beneficial to investors for this will reduce cost of comparing alternative investments. b. The Conceptual Framework is a set of principle-based international standards stating how particular types of transactions should be reported in the financial statements. C. The Conceptual Framework is used to set standards, enhance consistency across standards, and provide a benchmark for judgments. d. Preparers of financial statements use the Conceptual Framework to develop accounting policies in the absence of specific standard or interpretation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2.
The following statements are correct, except:
It is expected that IFRS will be beneficial to investors for this will
reduce cost of comparing alternative investments.
b. The Conceptual Framework is a set of principle-based
international standards stating how particular types of
transactions should be reported in the financial statements.
The Conceptual Framework is used to set standards, enhance
consistency across standards, and provide a benchmark for
judgments.
C.
d. Preparers of financial statements use the Conceptual Framework
to develop accounting policies in the absence of specific standard
or interpretation.
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