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 FASB Conceptual Framework Project is designed to improve financial reporting by providing a foundation for setting accounting standards and for resolving accounting disputes. While it aims to increase understanding, confidence, and coherence in financial reporting, and make problem-solving more efficient, it does not imply that business entities will require significantly less assistance from accountants. The application of accounting standards can still be complex and often requires professional judgment and expertise.

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