The qualitative characteristics of relevance, faithful representation and comparability which are identified in the IASB Conceptual Framework
Question:
The qualitative characteristics of relevance, faithful representation and comparability which are identified in the IASB Conceptual Framework are some of the attributes that make financial information useful to the various users of financial statements.
Explain what is meant by relevance, faithful representation and comparability and how they make financial information useful.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
The qualitative characteristics like relevance faithful representation and comparability make the fi...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville
Question Posted:
Students also viewed these Business questions
-
Why is it important for financial statements to have the qualitative characteristics of relevance and faithful representation? If you had to choose between having information that was more relevant...
-
Explain how the qualitative characteristics of relevance and faithful representation relate to the cost and fair value bases of accounting.
-
What is the difference between the Conceptual Framework's fundamental qualitative characteristics of relevance and faithful representation? Provide an illustration of a situation in an entity's...
-
Complete the given table. Number of Days Outstanding Accounts Receivable Estimated % Uncollectible Total Estimated Uncollected Accounts 045 days $ 752,000 2 % $enter a dollar amount 4690 days 255,000...
-
For the diode of Fig. 1.37 determine the level of IR at room temperature (25C) and the boiling point of water (100C). Is the change significant? Does the level just about double for every 10C...
-
If a couple deposits a lump sum amount today to fund their daughter s $ 5 0 , 0 0 0 inflation adjusted undergraduate college expenses 1 0 years henceforth, answer the following assuming annual...
-
Maria Delgado and Oren Kelso are partners in a business. Statement paper, page 15 of a general journal, and a portion of the partnership's completed work sheet for the year ended December 31 of the...
-
Olongapo Sports Corporation is the distributor in the Philippines of two premium golf ballsthe Flight Dynamic and the Sure Shot. Monthly sales, expressed in pesos (P), and the contribution margin...
-
Facts The pay period ends March 31. Taxes are due April 30. Gross Pay is at $10,000. State Unemployment Tax is at 5.4%. Federal Unemployment Tax is at 0.6%. FICA is at 7.65%. Based on the information...
-
Below are shown three different crystallographic planes for a unit cell of some hypothetical metal. The circles represent atoms: (a) To what crystal system does the unit cell belong? (b) What would...
-
The Conceptual Framework states that an entity's choices of measurement bases and capital maintenance concept determine the accounting model used in the preparation of the financial statements. (a)...
-
International standard IAS1 lists seven "general features" relating to the presentation of financial statements. These are: (a) Fair presentation and compliance with international standards (b) Going...
-
After paying a real estate agent a commission of 6% on the selling price, $2,525 in other costs, and $65,250 on the mortgage, you receive a cash settlement of $142,785. What was the selling price of...
-
the structure of a microring resonator. Light propagating in the waveguide couples with the light in the microring resonator through a coupler (red shaded area). The coupler can be modeled as a beam...
-
Asking if this countermeasure will create more problems than it will solve and what effects will this countermeasure have on my job, team, other operations, and the Air Force describes which of the...
-
6. The tool of choice to observe living microorganisms is the a. bright-field microscope. b. phase-contrast microscope. c. fluorescence microscope. d. electron microscope. 7. Which scientist is most...
-
1. A high school athlete runs 1.00 x 102 m in 12.20 s. What is the velocity in m/s and km/h? 2. A person walks. 13 km in 2.0 h. What is the person's average velocity in km/h and m/s? 5. Suppose a car...
-
1. Give an example of how cultural rules and roles affect the atmosphere in a college classroom. Provide specific examples from your own perspective. 2. Describe some of the side effects of...
-
In the following situations, indicate whether the taxpayer qualifies as a head of household. a. Allen is divorced from his wife. He maintains a household for himself and his dependent mother. b. Beth...
-
Solve each equation or inequality. |6x8-4 = 0
-
The following information relates to Raneb plc and Ahmose plc. The most recent financial year of each company ended on 31 October 2023. Raneb plc The issued share capital of Raneb plc consists of...
-
On 1 January 2022, G plc issued 2 million of 7% convertible loan stock. The holders of this stock may choose to convert the stock to ordinary shares on 1 January 2026, 2027 or 2028. The number of...
-
J Ltd has been trading for many years, preparing financial statements to 31 March each year. As from 1 April 2022, the company decided to adopt a new accounting policy in relation to revenue...
-
Firms HL and LL are identical except for their financial leverage ratios and the interest rates they pay on debt. Each has $ 1 1 million in invested capital, has $ 1 . 6 5 million of EBIT, and is in...
-
On January 1, 2022 Company A (CA) held 90% of the 4,000 outstanding shares of Company B (CB). The shareholders' equity section of the balance sheet of CB contained the following account balances at...
-
Carlos is buying a property from Bobby. The annual property taxes equaled $2,000. Bobby owes Carlos for 3 months and 10 days of prorated property taxes. Using the 360-day calendar, how much does...
Study smarter with the SolutionInn App