Q2.pdf - Q2 Why is it important that the IASB and FASB share a common conceptual framework It is important that IASB and FASB share a common conceptual

Q2.pdf - Q2 Why is it important that the IASB and FASB...

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Q2: Why is it important that the IASB and FASB share a common conceptual framework? It is important that IASB and FASB share a common conceptual framework in order to enable the refinement, updating, completion and convergence between the current IASB framework and FASB concept statements. This is because these frameworks were developed in the 1970’s and 1980’s and therefore refining and updating them is necessary. Thus, this will be a single framework that both converges and improves upon the existing frameworks of the two Boards. Not only that, there is a need for the conceptual framework to be both complete and internally consistent. Without a framework, accounting standards might be based on the most expedient
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  • Spring '16
  • International Financial Reporting Standards, Abstraction, common conceptual framework

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