The eight phases of the joint FASB and IASB framework project are: $1)$ objective and qualitative characteristics, $2)$

elements and recognition, $3)$ presentation and disclosure, $4)$ reporting entity, $5)$ measurement, $6)$ framework for GAAP

hierarchy, $7)$ applicability to the not$-$for$-$profit sector, and $8)$ any remaining issues needing to be addressed.

True

False