Question: EXERCISE 2 The IASB Conceptual Framework for Financial Reporting gives much detail about the qualitative characteristics of financial statements which make them useful. Required: Discuss

EXERCISE 2 The IASB Conceptual Framework for Financial Reporting gives much detail about the qualitative characteristics of financial statements which make them useful.

Required: Discuss the qualitative characteristics, which make information useful to users of financial statements. Give at least two examples of qualitative characteristics that are used by companies.

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to promote and effect the cohesion of the organization: the corporate glue.

to facilitate a cultural and functional interchange in order to encourage managers to take a fresh look at problems and issues;

to gain top management involvement by ensuring that managers know the global resources of the organization;