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 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 for business entities, so D is the correct choice. A conceptual framework is a theoretical foundation for financial reporting, not a practical guide for businesses to apply. However, A, B, and C are all benefits associated with the FASB Conceptual Framework Project.

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