The FASB and IASB are working jointly to develop a revised, coordinated set of financial reporting objectives.They envision that the proposed reporting objectives would also specify that firms should prepare financial reports from the perspective of its owners or a particular class of owners (proprietary perspective).

Question

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The FASB and IASB have worked together on various projects to improve and converge their accounting standards, but the statement that they envision financial reports should be prepared from the perspective of its owners or a particular class of owners (proprietary perspective) is not accurate. They aim for a more neutral, entity perspective that serves all users of financial statements, not just a specific class of owners.

The FASB and IASB Are Working Jointly to Develop a Revised