An implicit assumption of the International Accounting Standards Board's (IASB's) Conceptual Framework is that users need to be experts in business and financial accounting matters to understand the information contained in financial statements.

Question

Quizplus · Accepted Answer

The implicit assumption of the IASB's Conceptual Framework is actually the opposite - that financial statements are designed to be understandable by users who have a reasonable knowledge of business and economic activities and who are willing to study the information with reasonable diligence.

An Implicit Assumption of the International Accounting Standards Board's (IASB's)