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

Which statement below is NOT true?

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

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

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

The conceptual framework includes specific rules for every situation.

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