One of the differences between the IASB/FASB joint conceptual framework and the FASB conceptual framework is that while the FASB identifies relevance and reliability as the primary decision-specific qualities, the tentative joint framework identifies the fundamental qualitative characteristics to be
A)relevance and completeness
B)reliability and completeness
C)relevance and faithful representation
D)reliability and faithful representation

Question

Quizplus · Accepted Answer

The joint conceptual framework identifies relevance and faithful representation as the fundamental qualitative characteristics, which are similar to the FASB's primary decision-specific qualities of relevance and reliability. However, completeness is not identified as a fundamental qualitative characteristic in the joint framework.

One of the Differences Between the IASB/FASB Joint Conceptual Framework