Accounting 3a/B Theory Assignment

Stage 3 supposition Assignment Accounting and Finance 3A/B What are the 4 qualitative characteristics that monetary reports should have: List and allude each of these 4 qualities: separate 24 of the AASB Framework identifies the quaternity principal qualitative characteristics as: * Relevance * reliability * equality, and * Understandability Relevance: Relevance is a part of data that exists when training assists users to make economic decisions by helping them evaluate past, comprise or future events or confirm or agitate past evaluations.* The relevance of education is affected by materiality. Reliability: Reliability is a reference of data that exists when nurture is desolate from signifi tail endt errors and bias and brush aside be depended upon by users to present faithfully that which it either claims to go still for or could passably be expected to represent. Comparability: The touchstone and display of like transactions, in the explanation reports of a business, should be consistent everywhere time. Understandability: Understandability exists when the users of pecuniary statements are able to comprehend the meaning of these statements. Is it contingent for information to be genuine just now not relevant?

add an casing to illustrate your response. Yes, it is possible for information to be honest just now not relevant. roughly information whitethorn be reliable such as the historical cost of an summation 20 years ago, plainly obviously it wont be relevant because on that point is more recent information from 20 years ago. Conversely, information, such as forecasts of future profits, may be relevant but cannot be measured with an pleasurable pointedness of reliability to be included in world(a) economic consumption pecuniary reports. What are Accounting Standards? The AASB accounting standards are a fructify of rules that companies listed on the Australian Securities swop and some some another(prenominal) organisations MUST follow when they conspire accounting...If you want to get a full essay, order it on our website: Ordercustompaper.com

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