Choose only 1 answer for each MCQ
1.The IASB sets standards for:
a. The private sector
b. The public and private sectors
c.The public, private and not-for-profit sector
d. The private and not-for-profit sector
2. Which of these is not one of the benefits of a Conceptual framework?
a. Reporting requirements will be more Consistent and logical
b. It may allow firms to reduce their reported profit
c. The need for specific accounting standards should be reduced
d. Standard setting boards will be more accountable for their actions
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