Under IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding standard setters to make sure that standards are consistent with each other. Includes serving as a guide for practitioners when a specific standard does not apply. Is less important than in U.S. GAAP. Has resulted primarily from a convergence with U.S. GAAP.
Under IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding standard setters to make sure that standards are consistent with each other. Includes serving as a guide for practitioners when a specific standard does not apply. Is less important than in U.S. GAAP. Has resulted primarily from a convergence with U.S. GAAP.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Under IFRS, the role of the conceptual framework:
Multiple Choice
Primarily involves guiding standard setters to make sure that standards are consistent with each other.
Includes serving as a guide for practitioners when a specific standard does not apply.
Is less important than in U.S. GAAP.
Has resulted primarily from a con rgence with U.S. GAAP.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F664332e9-1487-4049-8b4f-26a68ccbe1d5%2Fad55295b-7356-4ec0-b49a-7bcad612f1c6%2Fip87af_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Under IFRS, the role of the conceptual framework:
Multiple Choice
Primarily involves guiding standard setters to make sure that standards are consistent with each other.
Includes serving as a guide for practitioners when a specific standard does not apply.
Is less important than in U.S. GAAP.
Has resulted primarily from a con rgence with U.S. GAAP.
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