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Unformatted text preview: 6. Periodicity assumption. 7. Full disclosure principle. 8. Economic entity assumption. IFRS QUESTIONS True / False 1. The conceptual framework underlying U.S. GAAP is similar to that underlying iGAAP. 2. The FASB conceptual framework specifically identifies accrual basis accounting as one of its fundamental assumptions. 3. One of two assumptions made by the IASB conceptual framework is that the reporting entity is a going concern. 4. One of the challenges in developing a common conceptual framework will be to agree on how the framework should be organized since the FASB and IASB conceptual frameworks are organized in very different ways. 5. One issue that the IASB and FASB must resolve in developing a common conceptual framework is how control should be defined with regard to the definition of an asset. Answers to True / False questions: 1. True 2. False 3. True 4. False 5. True...
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This note was uploaded on 11/17/2010 for the course ACC ACC 305 taught by Professor Rogero during the Spring '10 term at University of Dayton.
- Spring '10