The conceptual framework that underlies IFRS
A)is very similar to that used to develop GAAP.
B)does not define assets or liabilities.
C)does not define equity.
D)does not define income or expenses.

Question

Quizplus · Accepted Answer

The conceptual framework for IFRS is based on similar principles as those used to develop GAAP, including the qualitative characteristics of financial information, the definition of the elements of financial statements (i.e. assets, liabilities, equity, income, and expenses), and the recognition, measurement, and presentation of financial information. However, there are some differences in the approach and terminology used. For example, IFRS uses the term "fair value" instead of "market value" and "profit or loss" instead of "income."

The Conceptual Framework That Underlies IFRS