RFFR 1 Unit 2 - Characteristics of Useful Information.pptx

For refrence purposes

1. Unit 2: CHARACTERISTICS OF USEFUL INFORMATION Qualitative characteristics of useful financial information in financial reporting

2. OBJECTIVE When you complete this topic, you should be able too; Describe the characteristics of useful information. Explain inconsistencies between different characteristics of financial information. Describe how different characteristics may assume different relative importance.

3. QUALITATIVE CHARACTERISTICS OF USEFUL INFORMATION In order for information to be useful it must contain both “ Fundamental & Enhancing Characteristics.” What are the qualitative characteristics of useful financial information?

4. Qualitative Characteristics of Useful Financial Information Video Links on Qualitative Characteristics of Useful Financial Information https :// youtu.be/BFU6ODPbvx0?si=GggPKevpYtAF-m9Y https://youtu.be/ezqV7ea2CXA?si=2hK3LWjX05Bs_Vjr https://youtu.be/fncMDDLnGPY?si=82OO_dSU4nmGbNSp

5. Qualitative Characteristics of Useful Financial Information – Fundamental Characteristics.

6. Qualitative Characteristics of Useful Financial Information – Fundamental Characteristics.

7. Qualitative Characteristics of Useful Financial Information – Enhancing Characteristics.

8. Qualitative Characteristics of Useful Financial Information

9. Summary Financial information must contain qualitative characteristics in order to be useful. Financial information is important for decision making since users depend on the financial information provided. Useful financial information can either be fundamental or enhancing. The qualitative characteristics of useful financial information is a necessary part of the overall framework of accounting