Chapter 2 of the conceptual framework published by the International Accounting Standards Board which we discussed in class, deals with the qualitative characteristics of useful financial information.

Required: Explain in your language (please avoid copying excerpts from the documents) whether and how: The reporting rules (recognition, measurement, disclosure and presentation) of IAS 37 with respect to provisions, contingent claims and contingent assets Or (not and) Reporting Rules of IAS 40 Investment Real Estate Maintain the qualitative characteristics of useful financial information.