Accounting convergence efforts are an attempt to form a single set of standards for United States accounting documents (which
are the responsibility of the Financial Accounting Standards Board) and the standards for accounting documents that are used in other countries (which are under the International Accounting Standards Board).
The goal is to have a common set of definitions that will not change from country to country. These include the various elements in financial statements, including qualitative ...
This is a brief discussion of how accounting convergence efforts addressing liabilities is related to the IASB/FASB conceptual framework project.
Information Needs of Users Based on Qualitative Characteristics
The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to users of financial statements...in making decisions about providing responses to the entity (IFRS, 2013).
I need you help me to
(a) Discuss the information needs of users in terms of the qualitative characteristics of financial information.
(b) Critically evaluate how financial information can meet both investor and stewardship needs.
You may use the article, In Defense of Stewardship by David Oldroyd and Anthony D. Miller.View Full Posting Details