Topics: International Financial Reporting Standards, International Accounting Standards Board, Accountancy Pages: 3 (912 words) Published: March 17, 2013
Lancaster University
Management School
Department of Accounting and Finance
AcF 212: Principles of Financial Accounting
Coursework Assignment
Lent Term 2013

This coursework assignment is worth 18% of your final AcF 212 module mark (to be combined with 7% being given for attendance and tutorial preparation and 75% for the year-end examination). The Department reserves the right to adjust coursework marks even after coursework is returned to students in order to ensure that the coursework marks have an appropriate distribution. Any further questions regarding the assignment should be directed to the course director (Pelham Gore) during office hours: your tutorial tutors should not be expected to guide you on this element of the course. Use of Moodle to ask questions is strongly encouraged, thus facilitating the wide dissemination of answers.

In May 1980, the FASB issued its “Statement of Financial Accounting Concepts No.2 (SFAC 2) ‘Qualitative Characteristics’” (QCs). This was the first such document issued by an authoritative accounting standard setter and set a pattern that was adopted by other standard setters in their conceptual frameworks (CFs) including the IASC’s “Framework for the Preparation and Presentation of Financial Statements” (1989) which included a section on QCs. In 2004, the FASB and IASB announced that they were starting a project to produce a joint CF. In 2010 this started to bear fruit when the first two ‘chapters’ of the new joint CF, Chapter 1 on ‘Objectives’ and Chapter 3 on ‘Qualitative Characteristics’ were issued. These chapters were published by the FASB as their new “Statement of Financial Accounting Concepts No.8” and both chapters were also incorporated into the IASB’s CF.

Your task
You are required to write a short report comparing and contrasting, and thus analysing, the differences between the QCs in SFAC 2 and the new (2010) chapter on QCs. You should also conclude on whether you think that...
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