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The six Qualitative Characteristics proposed in Phase A of the joint IASB/FASB review - Coursework Example

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Financial reporting like financial statements usually does not exhibit the performance of the management and the entity as two separate aspects (International Financial Reporting Standards, 2012). The success or failure of an entity is directly linked to various factors. …
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The six Qualitative Characteristics proposed in Phase A of the joint IASB/FASB review

Download file to see previous pages... The six qualitative characteristics proposed in Phase A of the joint IASB/FASB review related to facilitation of decision-usefulness and stewardship is as follows: The two fundamental characteristics that are required for decision useful information are Relevance and Faithful representation The four other enhancing qualitative characteristics are: Comparability Timeliness Verifiability and Understand ability Relevance: This signifies that the users of the financial statement can use the information to make investment decision like buying, retaining or selling of shares. Comparability: This signifies that the users of the financial statement should be in a position to compare the progress of the organization over time and also with other entities. Understandability: This signifies that the user must understand what the financial statement is representing. Timeliness: Verifiability: This signifies that several independent measures will obtain the similar accounting measures. Timeliness: This allows addition of further information in the financial statement, which can be up to six months later from the date of balance sheet. Faithful representation: This signifies that information should represent those, which it claims to depict (Mehnert, 2010). The frameworks that are already provided by both FASB and IASB focuses on giving information, which will be helpful in taking economic decision and is seen to override the objectives of financial reporting. As a section of the overriding objectives, both of them have also discussed about the fact of providing information that would assist in assessing the capability of the management in fulfilling the stewardship responsibility towards the investors of the organization. This signifies that the information that are provided by the management related to the credit, investment and other economic decisions acts as a base for assessing the capability of the management in fulfilling the stewardship responsibility towards the investors. At the same time, the users of the financial report assess the stewardship responsibilities for the purpose of economic decision making. The board considered the decision whether to retain stewardship as it was in the pre-existing framework or to make changes in the discussion of the objectives, by either adding any additional information that would elevate the process of assessing stewardship as a separate objective or by omitting any discussion related to stewardship (Family Research Council, 2008). Financial reporting like financial statements usually does not exhibit the performance of the management and the entity as two separate aspects (International Financial Reporting Standards, 2012). The success or failure of an entity is directly linked to various factors. The performance of the management in rendering the responsibilities of stewardship is a contributing factor but at the same time it should be also noted that there are certain circumstances and events that are not under the control of the management like the price changes, demand and supply characteristics of the entity outputs and inputs and the general economic condition. The information provided in the financial reporting are related to the entity during a particular period of ...Download file to see next pagesRead More
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