he following is a list of qualitative characteristics of useful accounting information identified in FASB's and IASB's Statement of Financial Accounting Concepts No. S and statements describing the qualities. -Comparability Decision usefulness Relevance Faithful representation Predictive value Confirmatory value Verifiability Neutrality Free from error Consistency Materiality Timeliness Understandability -Completeness equired: elect the appropriate letter identifying each quality on the statement describing the quality. . Different knowledgeable and independent observers can reach consensus that a particular representation is faithful. . Making information available to decision makers before it loses its capacity to influence decisions. . Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations. . Overall objective of financial information. 111
he following is a list of qualitative characteristics of useful accounting information identified in FASB's and IASB's Statement of Financial Accounting Concepts No. S and statements describing the qualities. -Comparability Decision usefulness Relevance Faithful representation Predictive value Confirmatory value Verifiability Neutrality Free from error Consistency Materiality Timeliness Understandability -Completeness equired: elect the appropriate letter identifying each quality on the statement describing the quality. . Different knowledgeable and independent observers can reach consensus that a particular representation is faithful. . Making information available to decision makers before it loses its capacity to influence decisions. . Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations. . Overall objective of financial information. 111
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 7C
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