Question Details

The conceptual framework for accounting has been discovered through empirical research



TRUE OR FALSE:
1.	The conceptual framework for accounting has been discovered through empirical research.

	2.	A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards.

	3.	The International Accounting Standards Board (IASB) uses a conceptual framework based on individual concepts developed by each member of the standard-setting body.

	4.	A soundly developed conceptual framework enables the International Accounting Standards Board (IASB) to issue more useful and consistent pronouncements over time.

	5.	A soundly developed conceptual framework enables the International Accounting Standards Board (IASB) to quickly solve new and emerging practical problems by referencing basic theory.




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