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here are 2 questions and answers that i dont undertstand:
1. “The IASB Framework….gives 5 qualitative characteristics which make financial information reliabel. what are these 5 characteristics?”
answer: faithful rep, neutrality, substance over form, completeness,neutrality, prudence”
my answer: fiathful rep, neutrality, subs over form, completeness, consistency
question 2:
“which on of the following is NOT a qualitative characteristic of financial information according to the Framework for the….”
a. prudence
b. consistency
c. completeness
d accrualcorrect answer: d
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my text lists 7 characteristics:
fundamental: relevance, true and fair
enhancements: verifiability, comparability, understandability, timeliness————————-
after doing these 2 questions, i am rather confused
The framework was changed in 2010 and I think your book is referring to the previous one.
You might find this helpful:
https://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Newsletters/IFRS-Briefing-Sheet/Documents/IFRS-Briefing-Sheet-O-1010-213.pdfAccruals is not a qualitative characteristic (qualitative is where it is not measured in numbers)
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