Under IFRS, the role of the conceptual framework:\ Multiple Choice\ Primarily involves guiding standard setters to make sure that standards are consistent with each other.\ Includes serving as a guide for practitioners when a specific standard does not apply.\ Is less important than in U.S. GAAP.\ Has resulted primarily from a convergence with U.S. GAAP.

Under IFRS, the role of the conceptual framework: Multiple Choice Primarily involves guiding standard setters to make sure that standards are consistent with each other. Includes serving as a guide for practitioners when a specific standard does not apply. Is less important than in U.S. GAAP. Has resulted primarily from a convergence with U.S. GAAP