One of the benefits of the Conceptual Framework is that it provides parameters for the exercise of judgement in resolving accounting issues.

Question

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The Conceptual Framework sets out fundamental principles and concepts that underlie financial reporting. It provides a framework for accountants to use in preparing and presenting financial information. It also helps to provide guidance on how to deal with accounting issues and provides boundaries within which accountants must exercise their judgement.

One of the Benefits of the Conceptual Framework Is That