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Discuss the FASB's Conceptual Framework

Thoroughly discuss the FASB's Conceptual Framework.  Include in your discussion:

(1)     why this framework was considered an important accomplishment,

(2)  the main objectives recommended in SFAC #1,

(3)    the qualitative characteristics recommended in SFAC #8,

(4)      the primary contributions of SFAC #5 and SFAC #6, and

(5)    criticisms of the conceptual framework (use references when appropriate).

 

 

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