4 qualitative characteristics of accounting information … In accounting the qualitative characteristics include relevance, reliability, comparability, and consistency. D. Neutrality and consistency. Relevance: The information provided in the financial statements must be relevant to the needs of its users. Preparers of financial information must achieve to maximum enhancing qualitative characteristics. Comparability, verifiability, timeliness and understandability are directed to enhance both relevant and faithfully represented financial information. Each one allows a company to prepare financial information that is consistent to … b. Comparability and consistency. Although consistency in the use of accounting principles from one accounting period to another is a desirable quality, but it, if pushed too far, will prove a bottleneck for bringing about improvements in accounting policies, practices, and procedures. Accounting information that is reported to facilitate economic decisions should possess certain characteristics or normative standards. Without these qualities accounting information wouldn’t be clear and an orderly view of the business would not be visible. Qualitative characteristics are the tributes that make the information provided in financial statements useful to users. FASB's qualitative characteristics of accounting information include all of the following: relevance, faithful representation, comparability, and understandability. Understandability: Information should be presented in a way such that users with reasonable knowledge of accounting … c. Faithful representation and relevance. The crux of prudence is prepares of accounting information should exercise prudent views when making judgments about uncertain items such as provisions for doubtful debts, asset lives or the number of warranty claims that might occur. Enhancing qualitative characteristics of accounting information include: A. Relevance and comparability. B. Comparability and timeliness. Comparability and timeliness. The enhancing qualitative characteristics of financial information include: Relevance and faithful representation: Comparability and … Applying the enhancing qualitative characteristics. Answer: B Enhancing qualitative characteristics should be maximised to the extent necessary. Fund Providing Institutions (Banks, … Comparability enables users to identify real similarities and differences in economic phenomena because they have not been obscured by accounting methods that cannot be compared. They enhance the fundamental qualitative characteristics by distinguishing more useful information from less-useful information. Comparability For example, accounting information would be biased if the income statement was prepared so that it resulted in a high enough level of profit that the management team received … Enhancing qualitative characteristics include comparability, verifiability, timeliness, and understandability. Users can identify similarities and differences 【单选题】The Conceptual Framework identifies four enhancing qualitative characteristics of financial information. accounting department programs at eight Taiwanese universities to determine the fair value of available-for-sale financial instruments. B) Comparability and consistency. 2. Concepts Statements are intended to set forth objectives and fundamental Allowing a choice of alternative accounting treatments improves the consistency and … The Enhancing Qualitative Characteristics are divided into 4 attributes. 2) Accounting information is "neutral" if it is free from bias that is intended to attain a predetermined result or to encourage a particular behaviour. C) Faithful representation and relevance. … As the Board and the IASB complete additional phases of their joint project, new chapters will be added to this Concepts Statement, and other Concepts Statements will be superseded. Enhancing Qualitative Characteristics. Comparability The enhancing qualitative characteristics, on the other hand, include understandability, comparability, verifiability, and timeliness. The enhancing qualitative characteristics: Comparability – it should be possible to compare an entity over time and with similar information about other entities. 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