A conceptual framework underlying financial accounting is important because it can lead to consistent standards and it

prescribes the nature, function, and limits of financial accounting and financial statements.true or false ?

Question added by Deleted user
Date Posted: 2015/06/14

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by Tranquilino Jr Rivera , General Accountant , Enany Group of Companies

This is True. But the framework does not not override any existing standard when there is conflict between the two.

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