In an effort to improve the conceptual framework,the FASB,in conjunction with the IASB has been moving towards more __________ standards.
A) rules approach
B) principles approach
C) broad approach
D) international approach

Question

Quizplus · Accepted Answer

The FASB and IASB have been moving towards a principles-based approach in order to improve the conceptual framework. This approach focuses on providing overarching principles and guidance, rather than detailed rules, allowing for greater flexibility and judgment in accounting decisions.

In an Effort to Improve the Conceptual Framework,the FASB,in Conjunction