Which of the following statements is incorrect regarding the current work of IASB and FASB on the Conceptual framework project?
A) IASB and FASB appear to maintain a restricted view of the users of general purpose financial reports, and tend to disregard information rights or needs of users who do not have a direct financial interest in the organisation
B) On the level of expertise expected of financial report readers, both parties accept that readers are expected to have some proficiency in financial accounting
C) The conceptual framework project is a major undertaking for both Boards, and will take several years to complete
D) Both Boards have agreed that the primary user group of general purpose financial reports is present and potential equity investors

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is incorrect regarding the current work of IASB and FASB on the Conceptual framework project?
A) IASB and FASB appear to maintain a restricted view of the users of general purpose financial reports, and tend to disregard information rights or needs of users who do not have a direct financial interest in the organisation
B) On the level of expertise expected of financial report readers, both parties accept that readers are expected to have some proficiency in financial accounting
C) The conceptual framework project is a major undertaking for both Boards, and will take several years to complete
D) Both Boards have agreed that the primary user group of general purpose financial reports is present and potential equity investors

Which of the Following Statements Is Incorrect Regarding the Current