Assignment Questions for Accounting Theory
6.29        The IASB Conceptual Framework states that the fundamental qualitative characteristics of useful information are relevance and representational faithfulness. Must both of these qualitative characteristics be satisfied before particular information is included within a financial report?
Explain your answer.
6.30        The FASB and IASB state:
The long-standing unresolved controversy about which measurement attribute to adopt particularly between historical-price and current-price measures and the unresolved puzzle of unit of account are likely to make measurement one of the most challenging parts of this project.
Provide an explanation of why measurement will be one of the most ‘challenging’ of the conceptual framework being developed by IASB.
ACT301- Accounting Theory- 1^st Semester 2020
Assessment number 1- Case Study Assignment
 
You are required to provide the answers to the end of chapter questions 6.29 and 6.30 given in the page 265.
Students are required to read the IASB- Conceptual Framework underlying Financial Statements -2018 edition.  This 2018 edition (Summary and detailed version) have been made available in the LearnLine-under the learning area in week 5.
Due date of the Assignment– on or before 5.00 PM on Tuesday, 5 May 2020.
Submission: The submission point has been created in the Learnline under the assessment area.  You can submit a MS Word or PDF document. MS word is preferred.
Word Limit: Page limit: Maximum 5 A4 pages.  Word limit: Between 1800 to   2200 words except references.  Single space or one and half space.
Referencing styles: Harvard style.  Marking will be based on answers to the case study questions.