The conceptual framework that underlies IFRS
A) is very similar to that used to develop GAAP.
B) does not define assets or liabilities.
C) does not define equity.
D) does not define income or expenses.

Question

Quizplus · Accepted Answer

The conceptual framework underlying IFRS is indeed very similar to that used to develop GAAP, as both frameworks aim to ensure consistency and comparability in financial reporting across different entities and jurisdictions.

The Conceptual Framework That Underlies IFRS