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Question
Do the SFACs that constitute the conceptual framework establish generally accepted accounting principles? What are the benefits and limitations of this approach?Answer
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SFAS No. 157 may result in a decrease in financial statement comparability among firms.
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Under SFAS No. 157, if an asset is valued from and "in-use" perspective, its value is based on its use in combination with other assets.
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Which of the following is a true statement?
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With regard to users, SFAC No. 1 established that financial statements should be aimed at a common core of similar information users.
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