The major beneficiary from the development of a conceptual framework is expected to be:
A) governments
B) preparers of financial reports
C) accounting standard setters
D) managers

Question

Quizplus · Accepted Answer

Accounting standard setters are the major beneficiary from the development of a conceptual framework. The framework provides a cohesive and consistent set of concepts and objectives that guide the development of accounting standards. This, in turn, benefits preparers of financial reports and managers in providing a clear and reliable framework, but ultimately it is the standard setters who rely on the framework to create robust and effective accounting standards. Governments may also benefit indirectly through improved financial reporting and transparency.

The Major Beneficiary from the Development of a Conceptual Framework