The six qualitative characteristics proposed in Phase A of the joint IASB/FASB review related to facilitation of decision-usefulness and stewardship is as follows: The two fundamental characteristics that are required for decision useful information are Relevance and Faithful representation The four other enhancing qualitative characteristics are: Comparability Timeliness Verifiability and Understand ability Relevance: This signifies that the users of the financial statement can use the information to make investment decision like buying, retaining or selling of shares. Comparability: This signifies that the users of the financial statement should be in a position to compare the progress of the organization over time and also with other entities. Understandability: This signifies that the user must understand what the financial statement is representing. Timeliness: Verifiability: This signifies that several independent measures will obtain the similar accounting measures. Timeliness: This allows addition of further information in the financial statement, which can be up to six months later from the date of balance sheet. Faithful representation: This signifies that information should represent those, which it claims to depict (Mehnert, 2010). The frameworks that are already provided by both FASB and IASB focuses on giving information, which will be helpful in taking economic decision and is seen to override the objectives of financial reporting. As a section of the overriding objectives, both of them have also discussed about the fact of providing information that would assist in assessing the capability of the management in fulfilling the stewardship responsibility towards the investors of the organization. This signifies that the information that are provided by the management related to the credit, investment and other economic decisions acts as a base for assessing the capability of the management in fulfilling the stewardship responsibility towards the investors. At the same time, the users of the financial report assess the stewardship responsibilities for the purpose of economic decision making. The board considered the decision whether to retain stewardship as it was in the pre-existing framework or to make changes in the discussion of the objectives, by either adding any additional information that would elevate the process of assessing stewardship as a separate objective or by omitting any discussion related to stewardship (Family Research Council, 2008). Financial reporting like financial statements usually does not exhibit the performance of the management and the entity as two separate aspects (International Financial Reporting Standards, 2012). The success or failure of an entity is directly linked to various factors. The performance of the management in rendering the responsibilities of stewardship is a contributing factor but at the same time it should be also noted that there are certain circumstances and events that are not under the control of the management like the price changes, demand and supply characteristics of the entity outputs and inputs and the general economic condition. The information provided in the financial reporting are related to the entity during a particular period of
Financial reporting like financial statements usually does not exhibit the performance of the management and the entity as two separate aspects (International Financial Reporting Standards, 2012). The success or failure of an entity is directly linked to various factors. …
For information technology professionals and management in organizations, it is not unusual to lack awareness of the organization's data policies. As the debate over data privacy grows louder and more bitter, information technology professionals are increasingly finding themselves in the middle of the controversy because it is the information technology that facilitates the collection, manipulation, and dissemination of data (Wilder & Soats, 2001).
The situation and the course of action: (1) Characteristics of the area of operation (a) Weather. Azerbaijan has semi-arid climate. The weather is mostly hot; therefore, our officers must be ready to experience hostile weather in terms of temperature. This will affect the operations especially in using electronic equipments giving the adversary an advantage as they are quite good working in this kind of weather.
As the debate over data privacy grows louder and more bitter, information technology professionals are increasingly finding themselves in the middle of the controversy because it is the information technology
While some of this may be justified, there are many other factors that must be considered when examining ways to improve the state of the educational system nationwide. As such, performance evaluations have increasingly become a mechanism by which administrators judge the
Evaluating the middle school teacher job will entail analyzing the performance of the students prior to when a teacher was hired and after the teacher took over the class. It will be easier to determine the impact the teacher could have made to
he company has deployed on how it conducts its recruitment and selection process, how it trains and develops talent within its workforce and the methodologies that it implements in coming up with its reward system. Additionally, the report tackles issues regarding the human
The size of the aging population is expected to increase in the near future. With this thought in mind, it is almost obvious that the size and the structure of the healthcare personnel is also expected to be affected. It is also important to note a good number of these older patients live in nursing homes.
7 pages (1750 words)Coursework
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