Page 21 - Financial Accounting 1 ITC Preparation June 2018

ITC EXAM PREP – JUNE 2018

Qualitative characteristics

Fundamental characteristics Enhancing characteristics

• Relevance • Comparability

• Faithful representation • Verifiability

• Applying the fundamental • Timeliness

qualitative characteristics • Understandability
• Applying the enhancing

characteristics

The cost constraint on useful

financial reporting

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