Which of the following statements is incorrect regarding the purpose of the Conceptual Framework?

A. Globally acceptable Standards reduces the information gap between financial statement users and the reporting entity's management.
B. The Conceptual Framework is intended to provide a foundation for the development of globally acceptable Standards.
C. The Conceptual Framework prescribes the concepts for both general purpose and specific purpose financial reporting
D. Globally acceptable Standards contribute to economic efficiency by lowering the cost of capital and reducing international reporting costs