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Write 2 page paper discussing the below topic. In order to get full points for this assignment, you need to ensure that you cover the fully the below questions. The paper is expected to be double spaced, 12 font, times new roman.
Topic:
The FASB has been working on a conceptual Framework for fnancial account-ing and reporting and has issued seven Statements of Financial Accounting Concepts . These SFAC s are intended to set forth objectives and fundamentals that will be the basis for developing fnancial accounting and reporting standards. The objectives identify the goals and purposes of fnancial reporting. The fundamentals are the underlying concepts of fnancial accounting—concepts that guide the selection of transactions, events, and circumstances to be accounted for; their recognition and measurement; and the means of summarizing and communicating them to inter-ested parties. The purpose of SFAC No. 8 , “Qualitative Characteristics of Accounting Infor-mation,” is to examine the characteristics that make accounting information use-ful. The characteristics or qualities of information discussed in SFAC No. 8 are the ingredients that make information useful and the qualities to be sought when accounting choices are made.
Required:
a. Identify and discuss the benefts that can be expected to be derived from the FASB’s conceptual framework study.
b. What are the two fundamental qualities that make accounting informa-tion useful?
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