Its all relevant
The information provided is capable of making a difference in a decision
What is relevance?
The financial information actually portrays the underlying economic event.
What is faithful representation?
A body of interrelated objectives and fundamentals
What is the conceptual framework?
Information that has the ability to forecast future outcomes
What is predictive value?
Switzerland is known for this characteristic and it ensures accounting information does not have a bias
What is neutrality?
The objectives of the conceptual framework identify the *blank* and *blank* of financial reporting
What are goals and purposes?
Information that assures or alters the decision maker's earlier beliefs
What is confirmatory value?
All required information is presented
What is completeness?
The goal of *blank* is to ensure that a company's financial statements clearly represent its current economic condition and performance
What is GAAP?
This enhancing characteristic deals with identifying similarities and differences across different companies
What is comparability?
Financial statements are expected to be this primary characteristic. If they are not, auditors are tasked with discovering any mistakes
What is free from material error?
Information about the reporting entity that is useful to existing and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers
What is decision usefulness?
This primary characteristic begs the question of significance and considers both quantitative and qualitative data.
What is materiality?
Information is provided to decision-makers promptly so it can still influence their decisions.
What is timeliness?
The most direct beneficiary of the conceptual framework.
what is the FASB?