Reconcile the following two positions: (1) Standard-setting bodies need a conceptual framework to guide their selection of

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Reconcile the following two positions:

(1) "Standard-setting bodies need a conceptual framework to guide their selection of alternative accounting principles if the principles are to have a sound foundation and exhibit consistency over time."

(2) "Standard-setting bodies must continually interact with various preparers and users of financial statements to be sure that alternative accounting principles are generally acceptable." LO1.

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