Which of the following is NOT an objective of the conceptual framework devised by FASB?
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A. B. C. D.D
The conceptual framework devised by FASB is not concerned with enforcing any rigid standards of accounting disclosures. Rather, it is a system of laying out the goals and objectives of accounting disclosure and formulating standards which could best serve the needs of the industry. In such a framework, a fair amount of flexibility is built-in so that the differing characteristics of various industries can be accommodated. The various SFACs which comprise the conceptual framework are the foundation on which the detailed principles and pronouncements of the FASB are based.