Which of the following is a major difference between the IASB’s conceptual framework and the FASB’s conceptual framework?
a. The IASB prefers replacement cost over historical cost as a measurement basis.
b. FASB limits primary user groups to investors and creditors.
c. FASB’s conceptual framework is considerably shorter than the IASB’s.
d. The IASB’s framework is in the form of a series of concept statements rather than a single framework.
ANSWER: B
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