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Contrast and compare the qualitative characteristics identified by the International Accounting Standards Board (IASB) with the...

Contrast and compare the qualitative characteristics identified by the International Accounting Standards Board (IASB) with the qualitative Characteristics identified by the Financial Accounting Standards of Statement of Financial Accounting Concepts (SFAC) No. 2.
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Answer #1

Contrast and compare the qualitative characteristics identified by IASB with the qualitative characteristics identified by the Financial accounting standards of SFAC No.2.

The content are more than IASB. The meaning of relevance, reliability in IASB are similar with SFAC. However, the qualitative characteristics are more detailed in SFAC. In SFAC No.2, the qualitative characteristics are relevance, reliability, comparability, consistency, materiality, costs and benefits. The financial report under SFAC No.2 should not only be reliable and relevant to readers, but also should be consistent and each financial information should uniquely present it's value. Also, in SFAC, it is estimated that better ways of pursuing benefit is being seek.

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