ACC 301 Theory Question: Responsibilities Of International Accounting Standard Board (IASB) – Purpose of The Conceptual Framework

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) Enumerate the composition and responsibilities of the International Accounting Standard Board (IASB).
(b) The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. State its purpose.

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