Under IFRS, the Role of the Conceptual Framework

Multiple Choice

Under IFRS, the role of the conceptual framework:

A) Primarily involves guiding standard setters to make sure that standards are consistent with each other.
B) Includes serving as a guide for practitioners when a specific standard does not apply.
C) Is less important than in U.S. GAAP.
D) Has resulted primarily from a convergence with U.S. GAAP.