Which statement below is not true?
A) The conceptual framework includes specific rules for every situation.
B) The conceptual framework ensures the existing standards and practices are clear and consistent.
C) The conceptual framework provides guidance in responding to new issues and developing new standards.
D) The conceptual framework increases financial statement users' understanding of and confidence in the financial statements.

Question

Quizplus · Accepted Answer

The conceptual framework does not include specific rules for every situation; it provides general principles and guidelines to help in the development of standards and in addressing new issues.

Which Statement Below Is Not True