Economics · Financial Accounting

Which TWO of the following statements are true regarding the Conceptual Framework for Financial Reporting of the International Accounting Standards Board (IASB)? 1. It is principles-based rather than rules-based but it is not an IFRS Accounting Standard. 2. The principles contained in the Conceptual Framework override any existing specific IFRS Standard. 3. It requires accountants to evaluate and address threats to compliance with fundamental ethical principles. 4. If it is revised, it will not automatically lead to changes to the existing IFRS Accounting Standards.