The perspective that the IASB and FASB say they wish to follow in setting standards is the
A) Decision-usefulness perspective
B) Critical-interpretive perspective
C) Economic consequences perspective
D) Free market perspective

Question

Quizplus · Accepted Answer

The IASB and FASB have stated that their primary perspective in setting accounting standards is the decision-usefulness perspective, which means that their focus is on providing information that is relevant and useful for decision-making by stakeholders. This perspective takes into account both the costs and benefits of the information provided, and aims to strike a balance between providing enough information for decision-making without overwhelming users with unnecessary detail.

The Perspective That the IASB and FASB Say They Wish