Measurement Issues In Accounting
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Measurement Issues In Accounting
Assignment information
The IASB and FASB joint project is being conducted in eight phases. Please see the attached file IASB2010Meeting. The meeting notes relate to Phase C: Measurement. Different views were presented by staff in July 2010 meeting.
Use the meeting notes as a starting point to discuss the measurement issues in accounting.
Some useful links:
http://www.iasplus.com/en/projects/completed/framework/framework-c
http://www.fasb.org/project/cf_phase-c.shtml
Requirements:
- Word limit: 2200 words
- Harvard style reference preferred
Question 1: Implications of the objective of financial reporting
Are the views about the implications of the objective properly articulated? Are
there other views that should be described? Do you support any of these views? If so, which one? If not, what is your view?
Question 2: Implications of the fundamental qualitative characteristics
Are Views A and B about the general implications of the fundamental qualitative characteristics properly articulated? Are there other views that should be described? Which view do you generally support? (This question is not about whether you support the specific points in B(a) through B(f). That is question 3,
which will be asked only if a majority of board members generally support View B.
Question 3: Particular points in View B
If you support View B generally, and you agree with View C in Question 1, are there any particular points in (a) through (f) that you do not support or that need better articulation? Are there any particular points that you would add to View B? If you agree with View B generally but do not agree with View C in Question 1, do
you have any suggestions about the points to be included in View B?
Question 4: Specific implications of QCs for historic cost and fair value
Are the views about the specific implications of the fundamental QCs for historic cost and fair value properly articulated? Are there other views that should be described? Which view do you support?
Question 5: What the measurement chapter should accomplish
Are the views about what the measurement chapter should accomplish properly articulated? Are there other views that should be described? Which view do you support?
Additional Files: