All of the following are components of the conceptual framework for financial reporting except ________.
A) qualitative characteristics
B) standards
C) principles of recognition and measurement
D) elements of the financial reporting system

Question

Quizplus · Accepted Answer

Standards are not part of the conceptual framework; they are specific rules or guidelines derived from the framework. The framework includes qualitative characteristics, principles of recognition and measurement, and elements of the financial reporting system.

All of the Following Are Components of the Conceptual Framework