The second level of the International Accounting Standards Board's (IASB's) Conceptual Framework
A) provides conceptual building blocks that explain the qualitative characteristics of accounting information.
B) defines the elements of financial statements.
C) serves as a bridge between the "why" of accounting and the "how" of accounting.
D) all of the choices are correct.

Question

Quizplus · Accepted Answer

The second level of the IASB's Conceptual Framework indeed encompasses all the mentioned aspects: it outlines the qualitative characteristics of accounting information, defines the elements of financial statements, and acts as a bridge between the theoretical underpinnings of accounting and its practical application.

The Second Level of the International Accounting Standards Board's (IASB's)