According to the IASB,a conceptual framework:
A) Is a coherent system of concepts that flow from an objective
B) Provides guidance on identifying the boundaries of financial reporting in selecting the transactions, other events and circumstances to be represented
C) Outlines how transactions should be recognised and measured (or disclosed)
D) All of the given options are correct.

Question

Quizplus · Accepted Answer

A conceptual framework, according to the IASB, is a coherent system of concepts that flow from an objective, which provides guidance on identifying the boundaries of financial reporting in selecting the transactions, other events and circumstances to be represented, as well as outlines how transactions should be recognised and measured (or disclosed). Therefore, all options given (A, B, and C) are correct.

According to the IASB,a Conceptual Framework