(Answered) Question1 explain why principles-based standards require a

Accounting

Question

1. Explain why principles-based standards require a conceptual framework.

2. Why is it important that the IASB and FASB share a common conceptual framework?

3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning.

4. What is meant by a ''cross-cutting'' issue? Suggest some possible examples of cross.cutting issues.

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