The components,or building blocks,in the IASB Framework for the Preparation and Presentation of Financial Statements do not include:
A) The definition of 'financial reporting'
B) Definition of users and their needs
C) Underlying assumptions
D) Accounting standards

Question

Quizplus · Accepted Answer

The IASB Framework for the Preparation and Presentation of Financial Statements provides the conceptual basis for financial reporting. The components of the framework include the objective and qualitative characteristics of financial information, definitions of the elements of financial statements, criteria for recognition and measurement, and underlying assumptions. However, accounting standards themselves are not considered a component of the framework. Rather, accounting standards are developed based on the conceptual framework to ensure that financial reporting is consistent and comparable across different entities. Therefore, option D (Accounting standards) is not a component of the IASB Framework.

The Components,or Building Blocks,in the IASB Framework for the Preparation