Instructions: Please, respond to the below two cases and include at least 2 references (citation). This assignment should be about 2 pages total (around 500 words including only the answers.) CASE 3-3...

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Please, respond to the attached two cases and include at least 2 references (citation). This assignment should be about 2 pages total (around 500 words including only the answers.)


Instructions: Please, respond to the below two cases and include at least 2 references (citation). This assignment should be about 2 pages total (around 500 words including only the answers.) 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 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.
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Answered Same DayMay 16, 2021

Answer To: Instructions: Please, respond to the below two cases and include at least 2 references (citation)....

Khushboo answered on May 18 2021
139 Votes
Case 3-3
a) Purpose of the IASB:
In 1997 IASC was of the opinion that there is a need to search a alternative which will join the high quality worldwide accepted accounting standard and the national accounting standard and to keep this in mind International accounting board was established in 2001. The main responsibility of the IASB is to develop and issue International Financial Reporting Standards (IFRSs). Its framework assists the IASB to develop future accounting standard for the preparation and presentation of financial statement and thus assist with national standard creators, help auditors to form 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). The main purpose of IASB is to develop a single set of globally accepted international financial reporting standard and has the responsibility for assisting in all the technical matters of the IFRS required for the preparation and presentation of financial statement.
b) International Accounting Standard Committee:
The international Accounting Standard Committee was founded in June 1973 and tries...
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