Which of the following is not a benefit associated with the FASB 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 development of a conceptual framework will not necessarily make the financial reporting process easier to apply, so choice D is not a benefit associated with the FASB Conceptual Framework Project. The other choices - increased understanding and confidence in financial reporting, quicker problem-solving with reference to the framework, and the creation of a coherent set of accounting standards and rules - are all benefits that can be expected.

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