What is objective of the conceptual framework project?
A common goal of the IASB and US FASB – a goal shared by their constituents – is for their standards to be clearly based on consistent and appropriate principles. These principles must be rooted in fundamental economic concepts rather than based on a collection of arbitrary conventions. To provide the best foundation for developing principle based, common standards, the boards are undertaking a joint project to develop a common and improved conceptual framework.
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- What is objective of the conceptual framework project?
