Opinion is virtually unanimous that SFAC No. 5 on recognition and measurement is the low point of the conceptual framework.

Question

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Many experts and academics have criticized SFAC No. 5 for being too complex and lacking practical guidance for implementation. It has been criticized for not providing clear guidance on how to apply the principles for recognizing and measuring assets, liabilities, revenues, and expenses. Therefore, opinion is virtually unanimous that SFAC No. 5 on recognition and measurement is the low point of the conceptual framework.

Opinion Is Virtually Unanimous That SFAC No