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Worldatwork Exam T7 Topic 1 Question 61 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 61
Topic #: 1
[All T7 Questions]

What is one of the purposes of International Accounting Standards Board (IASB)'s conceptual framework, which establishes the concepts that underlie financial reporting?

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Suggested Answer: A

by Noah at Nov 15, 2022, 08:06 PM

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Enola
1 months ago
I'll tell you the purpose - to give accountants something to argue about at their boring cocktail parties.
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Chanel
1 months ago
The conceptual framework? Is that like a blueprint for accounting Jenga?
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Carol
5 days ago
C) Provides benchmark for judgments
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Crissy
9 days ago
B) Provides guidance where conflicting interpretations have developed
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Blair
10 days ago
A) Provides information about economic entities that is useful in making economic decisions
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Henriette
2 months ago
Conflicting interpretations? That's what lawyers are for. I'm sticking with A, the one true answer.
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Thad
1 months ago
True, C is also crucial as it provides a benchmark for making judgments in financial reporting.
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Brett
1 months ago
But B is also important to provide guidance when there are conflicting interpretations.
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Tenesha
1 months ago
I agree, A is definitely the most important purpose of the IASB's conceptual framework.
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Ceola
2 months ago
Benchmark for judgments? That's a nice-to-have, but not the primary purpose. I'm going with A.
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Deandrea
2 months ago
I'm torn between A and D, but I think D makes the most sense. The framework should inform the IASB's decisions on proposed standards.
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Martha
10 days ago
Overall, it seems like all the options play a role in the purpose of the IASB's conceptual framework.
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Carissa
18 days ago
True, having a benchmark for judgments like C can also be helpful in ensuring consistency.
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Viva
26 days ago
I agree, but D is crucial too as it informs the IASB about the implications of proposed standards.
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Tamekia
1 months ago
I think A is also important because it provides information for economic decisions.
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Nichelle
2 months ago
The conceptual framework's purpose is clearly to provide information useful for economic decision-making. Option A is the way to go here.
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Martina
2 months ago
I believe it also guides in resolving conflicting interpretations.
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Annelle
2 months ago
I agree with Rosio. It helps in making informed judgments.
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Rosio
2 months ago
I think the purpose is to provide information for making economic decisions.
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