The goal of the boards of the IASB and FASB is to develop a joint conceptual framework project that is both complete and internally consistent. However, as a limitation the boards concluded that: Question 1 options:

1) a comprehensive reconsideration of all concepts underlying financial reporting would slow the progress but would be a necessary use of their time

2) the project would have to be split into four phases and worked on one at a time

3) the project would have to be split into eight phases, and all phases would be worked on simultaneously

4) a comprehensive reconsideration of all concepts underlying financial reporting would not be an efficient use of their time