A soundly developed conceptual framework enables the International Accounting Standards Board (IASB) to quickly solve new and emerging practical problems by referencing basic theory.

Question

Quizplus · Accepted Answer

A conceptual framework provides the basic theory and principles that the IASB can refer to when solving emerging practical problems in accounting. This allows for quicker and more consistent decision-making.

A Soundly Developed Conceptual Framework Enables the International Accounting Standards