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...International Accounting Standards Board. Ideally, two boards will come to similar or identical conclusions about the fundamental principles on which accounting standards rest.
The conceptual framework is coherent system of interrelated objectives and fundamentals that prescribe the nature, concept, function, objective and limitations of financial reporting.
"This is very abstract," said FASB senior project manager Halsey Bullen. "We are a couple of steps removed from standards. This concepts project won't lead directly to any changes in financial reporting. It may remove logjams and help us reach solutions more readily, but it doesn't create standards."
Both FASB and the IASB have already established conceptual frameworks, but the frameworks don't...
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