Which of the following describes how the conceptual framework in U.S. GAAP differs from that in IFRS? The conceptual framework in U.S. GAAP guides standard-setting; the conceptual framework in IFRS does not. The conceptual framework in U.S. GAAP provides a basis for practitioners to make accounting judgments when another U.S. GAAP standard does not apply; the conceptual framework in IFRS does not. The conceptual framework in IFRS includes an overarching concept of financial statements providing a "fair presentation of company, the conceptual framework in U.S. GAAP does not