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What types of information are useful to users for making decisions about the reporting entity using the general purpose financial report compiled by the reporting entity? And equally important what are the cost constraints on the reporting entity's ability to provide useful financial information?

Understandability ...continue reading "Qualitative characteristics of information in financial statements"

What are more qualitative characteristics that enhance the usefulness of information that already qualifies as relevant and providing a faithful representation?

The enhancing qualitative characteristics may also help determine which of two ways should be used to depict a phenomenon if both are considered to provide equally relevant information and an equally faithful representation of the substance of the financial outcome of transactions in a business model.

...continue reading "More details to present Useful Financial Information"