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CPA - FAR > Conceptual Framework > Flashcards

Conceptual Framework Flashcards

1
Q

What are the primary qualitative characteristics?

A

Relevance and Faithful Representation

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2
Q

What are the sub-components of Relevance?

A

a. Predictive value
b. Confirmatory value
c. Materiality

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3
Q

What are the sub-components of Faithful Representation?

A

a. Completeness
b. Neutrality
c. Free from error

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4
Q

What are the sub-components of Enhancing Qualitative Characteristics?

A

Enhancing qualitative characteristics

  1. Comparability
  2. Verifiability
  3. Timeliness
  4. Understandability
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5
Q

What are the Primary Constraints of Financial Reporting?

A
  • Cost vs. Benefit

* Materiality

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CPA - FAR (22 decks)

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