Discuss the four qualitative characteristics identified by the IASB.

Accounting Theory and Analysis

 

Case Studies

 

Case 3-3: The Purpose and Objectives of the IASB

 

The International Accounting Standards Committee (IASC) was formed in 1973. In 2001 the IASC was replaced by the International Accounting Standards Board (IASB).

Required:

a. What was the purpose of the IASB?

b. How does the IASC attempt to achieve these objectives?

 

Case 3-4: Qualitative Characteristics Identified by IASB

 

The International Accounting Standards Committee’s Framework for the Preparation of Financial Statements identifies four primary qualitative characteristics.

 

Required:

a. Discuss the four qualitative characteristics identified by the IASB.

b. Contrast and compare these qualitative characteristics with the qualitative characteristics identified by the FASB in SFAC No. 8.

 

 

Respond to the required questions (200 words minimum per each case), double-spaced, APA format (source citations and reference insertions) essay.In each Case Study, you must use at least three (3) references, including the textbook (included below).

Text book reference:

Schroeder, R. G., Clark, M. W., & Cathey, J. M XXXXXXXXXXFinancial accounting theory and analysis: Text and cases (12th ed.). Hoboken, NJ: Wiley

 

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