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The conceptual framework A. is the accounting standard formulated by IASB. B. is the basis for setting accounting rules by FASB. C. is used only

The conceptual framework

A. is the accounting standard formulated by IASB.

B. is the basis for setting accounting rules by FASB.

C. is used only by private companies.

D. is created by Congress for creating governmental standards for federal, state, and local units.

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