The Conceptual Framework

Question 1

What is one purpose of the conceptual framework?

Answer 1

To limit the differences between the financial statements of different entities.

Question 2

What does the conceptual framework aim to eliminate?

Answer 2

Unwanted alternatives.

Question 3

What does the conceptual framework avoid?

Answer 3

Being too strict.

Question 4

What is a key goal of the conceptual framework?

Answer 4

To achieve faithful presentation.