Question: Which statement below is NOT true? 1- The conceptual framework provides guidance in responding to new issues and developing new standards. 2- The conceptual framework

Which statement below is NOT true?

1- The conceptual framework provides guidance in responding to new issues and developing new standards.

2- The conceptual framework ensures the existing standards and practices are clear and consistent.

3- The conceptual framework includes specific rules for every situation.

4- The conceptual framework increases financial statement users' understanding of and confidence in the financial statements.

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