Briefly describe how the organization of the FASB Codification corresponds to the elements of financial statements.
Which of the following statements about the IASB and
FASB conceptual frameworks is not correct?
(a) The IASB conceptual framework does not identify
the element comprehensive income.
(b) The existing IASB and FASB conceptual frameworks
are organized in similar ways.
(c) The FASB and IASB agree that the objective of financial reporting is to provide useful information to nvestors and creditors.
(d) IFRS does not allow use of fair value as a measurement basis.
