Ideally, financial reporting standards should flow from and be consistent with the financial reporting objectives, qualitative characteristics of accounting information, and elements of financial statements that comprise the FASB's and the IASB's conceptual frameworks.

Question

Quizplus · Accepted Answer

This statement is true. Financial reporting standards should be based on the conceptual frameworks of the FASB and IASB.

Ideally, Financial Reporting Standards Should Flow from and Be Consistent