Which of the following is not a benefit associated with the IASB Conceptual Framework Project?
A)A conceptual framework should increase financial statement users' understanding of and confidence in financial reporting.
B)Practical problems should be more quickly solvable by reference to an existing conceptual framework.
C)A coherent set of accounting standards and rules should result.
D)Business entities will need far less assistance from accountants because the financial reporting process will be quite easy to apply.

Question

Quizplus · Accepted Answer

The IASB Conceptual Framework is designed to provide a foundation for accounting standards, not to eliminate the need for professional judgment or assistance from accountants.

Which of the Following Is Not a Benefit Associated with the IASB