Podcast
Questions and Answers
What is the main objective of the first level of financial reporting?
What is the main objective of the first level of financial reporting?
What distinguishes better accounting information from inferior information according to IASB?
What distinguishes better accounting information from inferior information according to IASB?
What does 'predictive value' of accounting information refer to?
What does 'predictive value' of accounting information refer to?
What is the relevance of accounting information according to the fundamental qualities?
What is the relevance of accounting information according to the fundamental qualities?
Signup and view all the answers
When is information considered material in accounting?
When is information considered material in accounting?
Signup and view all the answers
Accounting information must be capable of making a difference in a decision. INGREDIENTS: Predictive Value Has value as an input to predictive processes used by investors to form their own expectations about ______
Accounting information must be capable of making a difference in a decision. INGREDIENTS: Predictive Value Has value as an input to predictive processes used by investors to form their own expectations about ______
Signup and view all the answers
Relevant information also helps users confirm or correct prior ______
Relevant information also helps users confirm or correct prior ______
Signup and view all the answers
Information is material if omitting it or misstating it could influence ______ that users make on the basis of the reported
Information is material if omitting it or misstating it could influence ______ that users make on the basis of the reported
Signup and view all the answers
To provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other ______ in making decisions about providing resources to the entity
To provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other ______ in making decisions about providing resources to the entity
Signup and view all the answers
IASB identified the QUALITATIVE CHARACTERISTICS of accounting information that distinguish better (more useful) information from inferior (less useful) information for ______ purposes
IASB identified the QUALITATIVE CHARACTERISTICS of accounting information that distinguish better (more useful) information from inferior (less useful) information for ______ purposes
Signup and view all the answers
