Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 71: E2-1c

Answer

False.

Work Step by Step

On the contrary, different conceptual frameworks will hinder comparability and consistency because each framework is based on distinct principles. Personal frameworks contribute to divergent conclusions regarding identical financial issues. Besides, personal frameworks reduce the comparability between previous and future financial treatments.
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