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

Question:

The International Accounting Standards Committee’s Framework for the Preparation of 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 .

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...