The IASB and the FASB are working on a joint project that has an objective of developing a conceptual framework that leads to standards that are:
A) rule-based and internally consistent.
B) principle-based and internally consistent.
C) rule-based and flexible in nature.
D) principle-based and rigid in nature.

Question

Quizplus · Accepted Answer

The joint project between the IASB and the FASB aims to develop a conceptual framework that leads to principles-based standards that are internally consistent. This approach emphasizes the concept of substance over form and provides flexibility in application, rather than rigid rules.

The IASB and the FASB Are Working on a Joint