The six Qualitative Characteristics proposed in Phase A of the joint IASB/FASB review - Coursework Example

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The six Qualitative Characteristics proposed in Phase A of the joint IASB/FASB review

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. ...Show more

Summary

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. …
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