Which of the following is not a perceived advantage in developing a conceptual framework project?
A) Standard-setters will be less accountable for their decisions.
B) Setting accounting standards will be more economical, despite the resources needed to develop the conceptual framework and standards.
C) It will result in a reduced number of accounting standards where issues are covered by the conceptual framework.
D) It will provide a defence and enhance the legitimacy of the accounting profession.

Question

Quizplus · Accepted Answer

Standard-setters being less accountable for their decisions is not a perceived advantage of developing a conceptual framework project. In fact, the opposite is true as a well-developed conceptual framework can increase transparency and accountability in the standard-setting process. The other options, B to D, are all perceived advantages of developing a conceptual framework project.

Which of the Following Is Not a Perceived Advantage in Developing