In the first stage of creating conceptual framework, the IASB and the FASB agreed on the objective of financial reporting and a common set of desired _________.
A) characteristics of GAAP
B) quantitative characteristics
C) qualitative characteristics
D) rule-based characteristics

Question

Quizplus · Accepted Answer

The IASB and FASB agreed on the objective of financial reporting and a common set of qualitative characteristics, which include relevance, faithful representation, comparability, and understandability.

In the First Stage of Creating Conceptual Framework, the IASB