Currently the FASB and IASB have two separate conceptual frameworks which are partially converged.
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Q12: At the present time, the FASB and
Q13: Before issuing a new standard, the standard
Q14: _ are identical under U.S. GAAP and
Q15: All of the following are components of
Q16: When developing a new proposed accounting standard,
Q18: When developing new standards, the standard setters
Q19: The conceptual framework defines the objective of
Q20: The purpose of the conceptual framework is
Q21: The primary purpose of the conceptual framework
Q22: List the three primary components of the
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