Question: IFRS, ASPE, and US GAAP each have a conceptual framework. Explain why a conceptual framework is necessary for a set of high quality accounting standards.

IFRS, ASPE, and US GAAP each have a conceptual framework. Explain why a conceptual framework is necessary for a set of high quality accounting standards. Provide three reasons by considering the concepts in the framework, the standard setters, and the financial statement preparers.

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