The conceptual framework does NOT include
A) the objective of financial reporting.
B) elements of financial statements.
C) recognition and measurement criteria.
D) specific standards to be followed in preparing financial statements.

Question

Quizplus · Accepted Answer

The conceptual framework provides the foundation for financial reporting standards, including the objectives of financial reporting, elements of financial statements, and recognition and measurement criteria. However, it does not specify particular standards for preparing financial statements; these are developed separately by standard-setting bodies.

The Conceptual Framework Does NOT Include