Which statement below is NOT true?
A) The conceptual framework includes specific rules for every situation.
B) The conceptual framework ensures the existing standards and practices are clear and consistent.
C) The conceptual framework provides guidance in responding to new issues and developing new standards.
D) The conceptual framework increases financial statement users' understanding of and confidence in the financial statements.

Question

Quizplus · Accepted Answer

The conceptual framework is designed to provide a foundation for setting accounting standards and for resolving accounting disputes, rather than providing specific rules for every situation. It aims to ensure consistency and clarity in the principles that underpin financial reporting, rather than dictating the treatment for specific scenarios.

Which Statement Below Is NOT True