The conceptual framework that the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are attempting to converge and enhance includes the following broad areas to guide standard setting except:
A) Uniformity
B) Recognition and measurement
C) Objectives
D) Qualitative characteristics
E) Elements

Question

Quizplus · Accepted Answer

The conceptual framework that FASB and IASB are trying to converge and enhance includes objectives, qualitative characteristics, elements, recognition and measurement. The framework is not meant to achieve uniformity in accounting standards across different countries.

The Conceptual Framework That the Financial Accounting Standards Board (FASB)