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Question: the iasb has decided to reinstate quotprudencequot into the conceptual...

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The IASB has decided to reinstate prudence into the Conceptual Framework. In deciding this, the IASB distinguished cautious prudence from conservative (asymmetric) prudence Required: (i) Discuss what the IASB means by cautious prudence; by conservative prudence. (i) Te IASB has stated that prudence will mean cautious prudence. Explain why conservative prudence was rejected.

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