11. Vidal Inc. is involved in a complex long-term construction contract with one of their client. They recorded the revenue according to the guidance provided in ASPE but they decided to provide additional information in the notes to the financial statements to ensure the users of the financial statements obtain all the necessary information. Which enhancing characteristic of financial information is Vidal trying to meet by providing additional information in the notes? с a) Understandability b) Comparability c) Verifiability d) Timeliness

11. Vidal Inc. is involved in a complex long-term construction contract with one of their client. They recorded the revenue according to the guidance provided in ASPE but they decided to provide additional information in the notes to the financial statements to ensure the users of the financial statements obtain all the necessary information. Which enhancing characteristic of financial information is Vidal trying to meet by providing additional information in the notes? с a) Understandability b) Comparability c) Verifiability d) Timeliness

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter6: Accounting Quality

Section: Chapter Questions

Problem 14QE

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