information is directly related to information users in decision-making and its consequences. Hence‚ the four qualitative characteristics‚ namely Understandability‚ Relevance‚ Reliability and Comparability are set out in the conceptual framework to ensure that information users can make the right decisions. This essay will definitely and intensively evaluate and examine the four qualitative characteristics of accounting information. To start with‚ understandability demands the accounting information
Premium Balance sheet Financial statements Generally Accepted Accounting Principles
Information Qualitative Characteristics Gap: Evidence from Jordan Ahmad N. Obaidat Tafila Technical University‚ Tafila‚ Jordan [Abstract] The general objective of financial reporting is to provide useful information to present and potential investors‚ creditors‚ and others to help them make investment‚ credit‚ and other decisions. The purpose of this paper is to find out whether there is an existing gap concerning the importance of accounting information qualitative characteristics from investors`
Premium International Financial Reporting Standards Decision making Financial statements
IASB Deliberations Exercise C12-3 What are three projects currently on the active agenda that are being addressed by the IASB? What is the timetable identified for milestones on each of the projects? “The first project is IFRS 9: Financial Instruments (replacement of IAS 39)” (IFRS Foundation and the IASB‚ 2012: Financial Instruments). To simplify the requirements for financial instrument classification and measurement in November 2008 this project was added to the IASB’s active agenda with the
Premium International Financial Reporting Standards Financial statements
International Accounting Standards Board From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search The International Accounting Standards Board (IASB) is the independent‚ accounting standard-setting body of the IFRS Foundation.[1] The IASB was founded on April 1‚ 2001 as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (the new name for International Accounting Standards issued after
Premium International Financial Reporting Standards Balance sheet Revenue
Qualitative Characteristics of Accounting Information Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. The four principal qualitative characteristics are understandability‚ relevance‚ reliability and comparability. It is also pointed out that these qualitative characteristics may need to be balanced against one another. (John Wiley& Sons Australia‚ Ltd‚ 2009) The relative importance of the characteristics in different cases
Premium Decision making Financial statements International Financial Reporting Standards
Qualitative Characteristics of Accounting Information Business owners can use accounting information to conduct a financial analysis of their companies’ operations. Accounting information often has quantitative and qualitative characteristics. Quantitative characteristics refer to the calculation of financial transactions. Qualitative characteristics include the business owner’s perceived importance of financial information. Business owners often require financial information
Premium Decision making Decision theory Cost
4 PRINCIPAL OF QUALITATIVE CHARACTERISTIC Understandability An essential quality of the information provided in financial statements is that it is readily understandable by users. For this purpose‚ users are assumed to have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence. However‚ information about complex matters that should be included in the financial statements because of its relevance to the economic
Premium Balance sheet Asset Economics
“DISCUSS THE WAYS IN WHICH THE FOUR CHARACTERISTICS OF RELIGION INTERACT TO CREATE A DYNAMIC‚ LIVING FAITH TRADITION” Religion is the belief and worship of an extraordinary and supernaturally controlling power that has developed and become an essential factor in the way humans have ordered and made sense of the world in which we reside in and is defined by its characteristics. To create a dynamic‚ living and breathing religion‚ it must have all of these characteristics that distinguish and separate
Premium Christianity God Jesus
4.1 Was the IASC successful? Explain your reasoning. Ans. IASC had two declared aims: • Issuing standards • Promotion and observation of standard If evaluate the IASC success in issuing of standard then we can see that they published forty one standards and other publications including a conceptual frame work. In this area they have noticeable achievement. If we look into the IASC’s another objective of promoting and observing of standard then success varies from country
Premium United Kingdom Multinational corporation Soviet Union
who have gone beyond what is required of them. They demonstrate qualities that go outside of just excelling in school. Some of the characteristics shown include scholarship‚ service‚ leadership and character. I believe I go above what is required of me and would be an asset to the group. It would be a fantastic opportunity to be a part of NHS because I consider the four qualities as some of the most important to exemplify. The first ideal looked at when considering a person for NHS is scholarship.
Premium Leadership High school