Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful Representation Comparability
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Explain these qualitative characteristicsof financial report as per IFRS:
- Relevance
- Faithful Representation
- Comparability
- Verifiability
- Timeliness
- Understandability
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- Explain these qualitative characteristicsof financial report as per IFRS: Verifiability Timeliness UnderstandabilityWhat qualitative characteristic defines, the underlying influence in the preparation of financial statements is the weighing of costs and benefits regarding the presentation of information A) Materiality Cost constraints Faithful representation D Going concernMateriality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. Verifiability
- Explain with examples the qualitative characteristics of financial statement that would made itcredible in the evaluations of stakeholders.Which of the following pars of items are the two fundamental qualitative characteristics of a useful financial information? a. Relevance and prudence b. Relevance and faithful representation c. Faithful representation and materiality d. Faithful representation and comparabilityWhich of the following facilitates the comparison of financial performance with one period to another period is possible ? O a. Historical cost concept O b. Going concern Assumption O c. Matching Concept O d. Consistency Principle
- for financial reporting infromation to be useful it has to possess certain qualitataive attributes. explain how these qualitative attributes contribute to providing information that is useful to relevant stakeholdersThe IFRS Framework distinguishes between enhancing qualitative charactensticS and fundamental qualitatve charactensics of financial information.Which of the following are enhancing qualitative characteristics?A. Relevance and faithful representationB. Understandability and comparabilityC. Relevance and comparabilityD. Understandability and faithful representationUnder Qualitative Characteristics of Useful Financial Information, which ofthe following is a qualitative characteristic associated with faithfulrepresentation:a. Completenessb. Free from errorc. Neutralityd. All the above
- With regard to a qualitative characteristic of useful financial information, fourenhancing qualitative characteristics. What are these four characteristics, andexplain the meaning of these characteristicsThe fundamental & enhancing qualitative characteristics of financial information?What data points are necessary for developing an accurate financial statement? Define the terms