Which of the following is not a perceived advantage in developing a conceptual framework project?
A) Standard-setters will be less accountable for their decisions
B) Setting accounting standards will be more economical, despite resources needed to develop the Conceptual Framework and standards
C) It will result in a reduced number of accounting standards where issues are covered by the Framework
D) It will provide a defence and enhance the legitimacy of the accounting profession

Question

Quizplus · Accepted Answer

Standard-setters being less accountable for their decisions is not a perceived advantage of developing a conceptual framework project. In fact, the opposite is true, as a conceptual framework can provide a basis for explaining and justifying accounting standards and decisions.

Which of the Following Is Not a Perceived Advantage in Developing