Qualitative characteristics The Framework for the Preparation and Presentation of Financial Statements examines the characteristics of accounting
Question:
Qualitative characteristics The Framework for the Preparation and Presentation of Financial Statements examines the characteristics of accounting information that make this information useful for decision-making. It also points out that various limitations, which are inherent in the measurement and reporting process, may necessitate trade-offs between these limitations and the positive characteristics of useful information.
1. Briefly describe the following characteristics of useful accounting information:
a. Relevance
b. Faithful representation
c. Understandability
d. Comparability
e. Timeliness f verification.
2. For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other:
a. Relevance and verification
b. Faithful representation and timeliness
c. Comparability and relevance
d. Relevance and understandability
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1 Characteristics of Useful Accounting Information a Relevance Relevant accounting information is capable of influencing the decisions of users It is pertinent to the specific decision being made and ...View the full answer
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