Final answer:
The conceptual frameworks developed by FASB and IASB aim to provide a consistent basis for preparing financial statements and enhance the comparability of financial information.
Step-by-step explanation:
The conceptual frameworks developed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) aim to provide a consistent and reliable basis for preparing financial statements.
One of the main similarities between the frameworks is that they both emphasize the use of accrual accounting, which recognizes transactions and events when they occur, regardless of when cash is received or paid.
Additionally, both frameworks aim to provide users of financial statements with relevant and reliable information that is useful for making economic decisions. They also share the goal of enhancing comparability of financial statements across different entities and jurisdictions.