The IASB and the FASB are working on a joint project to develop a common conceptual framework.

Question

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This statement is true. The IASB (International Accounting Standards Board) and the FASB (Financial Accounting Standards Board) have been working together on a joint project to develop a common conceptual framework since 2002. The goal is to develop a single set of high-quality accounting standards that can be used globally. The project has involved extensive consultation with stakeholders and has resulted in a number of joint publications, including exposure drafts and discussion papers.

The IASB and the FASB Are Working on a Joint