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?

AProvides information about economic entities that is useful in making economic decisions

BProvides guidance where conflicting interpretations have developed

CProvides benchmark for judgments

DInforms International Accounting Standards Board (IASB) of implications of proposed standards

Show Suggested Answer

Suggested Answer: A

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

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Deandrea

1 days 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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Nichelle

5 days 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

15 days ago

I believe it also guides in resolving conflicting interpretations.

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Annelle

18 days ago

I agree with Rosio. It helps in making informed judgments.

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Rosio

19 days ago

I think the purpose is to provide information for making economic decisions.

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