edf40wrjww2CF_PaperMaster:Desc
Main Qualitative Characteristics Of Financial Statement
November 21st, 2008 /
|[pic][pic][pic]UNDERSTANDABLE & USEFUL |
|Accounting information should be readily understandable to the intended users of the information. |
|This is a function of both the intended users and the intended uses of the information. Accounting|
|systems that define either the users or uses narrowly may justify more complex information |
|requirements and standards. Accounting systems that envision a broad body of users and/or uses |
|would tend towards less complexity in published information and standards. |
|Typically the belief that, for information to be understandable, information contained in the |
|various financial disclosures and reporting must be transparent (i.e., clearly disclosed and |
|readily discernable). ...