ACT301- Accounting Theory- 1st Semester 2020
Assessment number 1- Case Study Assignment
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 Learn Lineunder the learning area in week 5.
Question 1: 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.
Question 2: The FASB and IASB (2005, p. 12) 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 components of the
conceptual framework being developed by the IASB.
Word Limit: Page limit: Maximum 5 A4 pages. Word limit: Between 1500 to 2500 words except
references. Single space or one and half space.
Referencing styles: Harvard style or any acceptable method as per the CDU referencing guidelines.
Marking will be based on answers to the case study question.
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