Question
1. Explain why principles-based standards require a conceptual framework.
2. Why is it important that the IASB and FASB share a common conceptual framework?
3. It is suggested that several parties can benefit from a conceptual framework. Do you consider that a conceptual framework is more important for some parties than others? Explain your reasoning.
4. What is meant by a ''cross-cutting'' issue? Suggest some possible examples of cross.cutting issues.