The number of financial statement elements in the IFRS conceptual framework is equal to those in GAAP.

Question

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The IFRS conceptual framework recognizes five financial statement elements: assets, liabilities, equity, income, and expenses. GAAP recognizes ten elements: assets, liabilities, equity, revenue, expenses, gains, losses, contributions by owners, distributions to owners, and comprehensive income.

The Number of Financial Statement Elements in the IFRS Conceptual