F1 - Conceptual frame work and fundamentals

Question 1

what are the qualitative characteristics of financial reporting

Answer 1

1-Relevance

Information are relevant when it would influence the users decision

Predictive
Con-formative
Material: No quantitative value for Materiallity

2-Faithful representation - Reliable

Completeness - Footnotes make it complete
Completely Neutral free from bias
Free from error ( material error ).

3-Enhancing qualitative

Compare
Consistency
Verify - external auditors - independent observers
Timely
Understandable.