Qualitative characteristics of Financial Statements

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..... ely and understandable. Following characteristics should financial statements have Relevance Given information in financial should be relevant to the decision making needs to the users. Financial information is capable to influence the decisions if it has predictive value, confirmatory value, or both. Materiality Information is material if its misstatement (i.e., omission or e .....

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..... reement, that a particular depiction is a faithful representation. Timeliness Financial information should be timely prepared so as to benefit users to make decisions. Understandability Classifying, characterising and presenting information clearly and concisely make it understandable. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Manage .....

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