The 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 representation B. Understandability and comparability C. Relevance and comparability D. Understandability and faithful representation
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The 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 representation
B. Understandability and comparability
C. Relevance and comparability
D. Understandability and faithful representation
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- 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 comparabilityMateriality is an entity-specific aspect of which of the qualitative characteristics of financial information? Select one: a. Understandibility b. Timeliness C. Relevance d. VerifiabilityWith regard to a qualitative characteristic of useful financial information, twofundamental qualitative characteristics. What are these two characteristics, andexplain the meaning of these characteristics, and provide practical example foreach of them?1. Fundamental qualitative characteristics (first one)2. practical example for the first one? 43. Fundamental qualitative characteristics (second one)4. practical example for the second one?
- With regard to a qualitative characteristic of useful financial information, two fundamental qualitative characteristics. What are these two characteristics, and explain the meaning of these characteristics, and provide practical example for each of them? 1. Fundamental qualitative characteristics (first one) 2. practical example for the first one? 4 3. Fundamental qualitative characteristics (second one) 4. practical example for the second one?Explain these qualitative characteristicsof financial report as per IFRS: Relevance Faithful Representation Comparability Verifiability Timeliness Understandabilityfor 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 stakeholders
- What 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 concernWith 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?
- The relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.ReliabilityThe fundamental qualitative characteristics that financial information must possess to be useful to theprimary users of general purpose financial reports—identified in the Conceptual Framework are‘relevance’ and ‘faithful representation’.a) Provide one example where information is relevant but not faithfully representedb) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented.Under 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