Describe the relationship between financial reporting standards and the financial reporting objectives, qualitative characteristics of accounting information, and elements of financial statements that comprise the FASB's and the IASB's conceptual frameworks
FINANCIAL REPORTING STANDARDS
Ideally, financial reporting standards should flow from and be consistent with the financial
reporting objectives, qualitative characteristics of accounting information, and elements of financial statements that comprise the FASB's and the IASB's conceptual frameworks.
Although these conceptual frameworks guide the development of financial reporting standards, they are not intended as a rigorous set of principles from which standard-setting bodies can (and must) logically deduce acceptable accounting methods. In some cases, standards conflict with the conceptual frameworks. In all cases, standards take precedence over the conceptual frameworks.
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Accounting periods should be of equal length to facilitate comparisons between periods
Indicate whether the statement is true or false
An ad for a prescription-only antihistamine that does not make its users sleepy like many other allergy medications was run in several health and fitness magazines. The ad said that if you were interested in learning more about the new product or trying it out, you should ask your physician. The manufacturer of the drug was using a _____ promotional strategy.
A. reinforcement B. personal selling C. push D. pull E. kinetic
Open end mutual funds may charge which of the following fees?
I. A front-end load at the time of purchase. II. A back-end load when shares are sold. III. Annual fees based on marketing and distribution costs. IV. Annual performance fees up to 20% of increases in net asset value. A) I, II and IV only B) I, II, and III only C) I, III and IV only D) I, II, III and IV
E-marketing includes the use of mobile phones, but not digital outdoor marketing devices.
Answer the following statement true (T) or false (F)