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...

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Accounting Theory and Analysis




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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. (2017). Financial accounting theory and analysis: Text and cases (12th ed.). Hoboken, NJ: Wiley




(This Assignment Box maybe linked to Turnitin.)





Please use attached template(See cover letter attachment, and use as template)

case-study-a2dopvg0.docx gsb-requred-cover-page-and-template-1-azn3fx3n.docx
Answered Same DayMay 16, 2021

Answer To: Accounting Theory and Analysis Case Studies  Case 3-3: The Purpose and Objectives of the IASB The...

Khushboo answered on May 19 2021
155 Votes
CONCEPTUAL FRAMEWORK ANALYSIS
CONCEPTUAL FRAMEWORK ANALYSIS        3
CONCEPTUAL FRAMEWORK ANALYSIS
KHUSHBOO MURARKA
SAINT LEO UNIVERSITY
COURSE NO:

INSTRUCTOR NAME:
17/05/2019
Student Signature:
Purpose of International Accounting Standard Board
IASC in 1997 was of the view that they need to find a way that will join the national accounting standard and practices and the high quality globally accepted accounting standard. Thus the International Accounting Standard Board was constituted in 2001. The IASB’s main responsibilities are to develop and issue International Financial Reporting Standards (IFRSs). Its Framework for the Preparation and Presentation of Financial Statements assists the IASB to form future accounting standards, assist with national standard creators, help auditors to give an opinion on whether financial statements meet international standards, and help users to understand financial statements prepared in conformity with international standards (Schroeder, Myrtle, & Cathey, 2017). Thus it can be said that the goal of IASB (International Accounting Standard Board) is to form a single set of globally accepted international financial reporting standard and has the responsibility for all the technical matters of the IFRS.
International Accounting Standards Committee
The IASC tries to achieve this objective by forming and publishing accounting standard which...
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