Final answer:
It is false that both the IFRS and U.S. GAAP Conceptual Frameworks should be applied together to specific accounting issues, as they cater to different jurisdictions and are not fully compatible.
Step-by-step explanation:
The statement that both the IFRS Conceptual Framework and U.S. GAAP Conceptual Framework can and should be applied to specific accounting issues is false. The IFRS Conceptual Framework is designed for entities using the International Financial Reporting Standards, while U.S. GAAP Conceptual Framework is intended for entities that are reporting under the Generally Accepted Accounting Principles in the United States. The two frameworks serve similar purposes but are distinct and cater to different jurisdictional requirements and principles. Using both frameworks simultaneously on a specific accounting issue could lead to inconsistencies and contradictions, as they are not fully compatible in many respects.