FOR INDIA'S BEST CA CS CMA VIDEO CLASSES CALL 9980100288 OR VISIT HERE
PREDICT YOUR RANK!
Answer below questions and predict your rank
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

Please describe what are the fundamental qualitative characteristics of financial information?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

    0       0 Answer Now Comment Report
3 Answers
Open uri20170510 32134 1ue0f38?1494421710 answered

Please describe what are the fundamental qualitative characteristics of financial information? Qualitative characteristics are the attributes that make the information provided in financial statements useful to users. Please describe what are the fundamental qualitative characteristics of financial information? According to the Framework, the four principal qualitative characteristics are: (1) Understandability (2) Relevance (3) Reliability (4) Comparability Please describe what are the fundamental qualitative characteristics of financial information? Understandability refers to information being readily understandable by users who have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information with reasonable diligence. Relevance” refers to information being relevant to the decision-making needs of users. Information has the quality of relevance when it influences the economic decisions of users by helping them evaluate past, present, or future events or confirming, or correcting, their past evaluations. “Reliability” refers to information being free from material error and bias and can be depended on by users to represent faithfully that which it either purports to represent or could reasonably be expected to represent. “Comparability” refers to information being comparable through time and across entities. To achieve comparability, like transactions and events should be accounted for similarly by an entity throughout an entity, over time for that entity, and by different entities. Please describe what are the fundamental qualitative characteristics of financial information? Thanks & Regards

    0       0 Comment Report
Important Note – Preparing for IFRS?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Open uri20170510 32134 1c996lj?1494421732 answered

Following are the qualitative characteristics of financial information 1. Relevance - Relevance requires financial information to be relevant to the decision making needs of the users 2. Materiality - Materiality requires accountants and auditors to focus on financial information which is expected to affect the decisions of the users 3. Faithful representation - Faithful representation requires the financial information to be true and fair and free from misstatement 4. Comparability - Comparability requires the financial information to be comparable across periods and across companies 5. Verifiability - Verifiability requires the information to communicate the underlying economics of the company's

    0       0 Comment Report
Open uri20170510 32134 ivjxpn?1494421728 answered

Hi Renju M.r Following are the qualitative characteristics of financial information 1. Relevance - Relevance requires financial information to be relevant to the decision making needs of the users 2. Materiality - Materiality requires accountants and auditors to focus on financial information which is expected to affect the decisions of the users 3. Faithful representation - Faithful representation requires the financial information to be true and fair and free from misstatement 4. Comparability - Comparability requires the financial information to be comparable across periods and across companies 5. Verifiability - Verifiability requires the information to communicate the underlying economics of the company's 6. Timeliness - Timeliness requires disclosure of financial information not to be excessively delayed 7. Understandability - Understandability requires the financial information to be understandable by users with reasonable knowledge of business

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.