When an IASB standard conflicts with the Conceptual Framework,the former prevails.

Question

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According to the IASB Framework for the Preparation and Presentation of Financial Statements, in case of any conflict between the standards and the Framework, the standard prevails. The standards are meant to provide specific guidance for accounting treatment of transactions, whereas the Framework provides general principles for financial reporting. Therefore, in case of any conflict, the specific guidance provided by the standard takes precedence over the general principles in the Framework.

When an IASB Standard Conflicts with the Conceptual Framework,the Former