The Conceptual Framework:

Question

Quizplus · Accepted Answer

The Conceptual Framework was a joint project between the AASB (Australian Accounting Standards Board) and FASB (Financial Accounting Standards Board). Option A is incorrect as Pacioli's framework was rudimentary and not as detailed as the modern-day Conceptual Framework. Option B is incorrect as while many countries have adopted the International Accounting Standards, not all have adopted the Conceptual Framework. Option D is incorrect as the Conceptual Framework has been revised several times since its inception.