The IASB conceptual framework for financial reporting describes the basic concepts that underlie financial statements and defines:
A) the principles for measurement;
B) disclosure principles;
C) the elements of financial statements
D) accounting recognition criteria.

Question

Quizplus · Accepted Answer

The IASB conceptual framework for financial reporting defines the elements of financial statements including assets, liabilities, equity, income, and expenses. However, it does not define specific principles for measurement or disclosure, nor does it provide accounting recognition criteria.

The IASB Conceptual Framework for Financial Reporting Describes the Basic