Which of the Following Statements Is True Regarding the Conceptual

Multiple Choice

Which of the following statements is true regarding the conceptual frameworks developed by FASB and IASB?

A) The economic entity assumption is not part of either framework
B) The monetary unit assumption is part of each framework and the U.S. dollar is established as the common unit of currency.
C) Both have similar measurement principles based on historical cost and fair value.
D) The conceptual frameworks underlying U.S. GAAP and IFRS are dissimilar.