Qualitative Characteristics The following is a list of qualitative characteristics of useful accounting information identified in the FASB’s and the IASB’s Statement of Financial Accounting Concepts No. 8 and statements describing the qualities.
________ 1. Different knowledgeable and independent observers con reach consensus that a particular representation is faithful.
________ 2. Making information available to decision makers before it loses its capacity to influence decisions.
________ 3. Capacity to make a difference in a decision, enabling users to predict future outcomes and/or confirm prior expectations.
________ 4. Overall objective of financial information.
________ 5. Absence of bias intended to influence financial statement users’ behavior in a particular direction.
________ 6. Presented as accurately as possible, using a process that reflects the best available inputs.
________ 7. Helps decision makers form expectations about the future.
________ 8. Full disclosure of oil the information necessary to understand the information being reported.
________ 9. Enables users to identify and explain similarities and differences between two or more sets of economic foots.
________ 10. The nature and magnitude of on omission or misstatement that would influence the judgment of reasonable users of that information.
________ 11. Accounting methods and procedures applied in the some manner from period to period.
________ 12. Helps decision makers confirm or correct prior predictions or expectations.
________ 13. When the words and amounts accurately depict the economic substance of what they purport to depict.
________ 14. Comprehensible to users.
Required:
Place the appropriate letter identifying each quality on the line in front of the statement describing the quality.
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