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Conceptual Framework for Financial Reporting: Key Principles and Qualitative Characteristics

Understand the key principles and qualitative characteristics of financial reporting. Explore concepts like comparability, consistency, neutrality, and more. Learn about measurement, full disclosure, revenue recognition, and expense recognition.

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Conceptual Framework for Financial Reporting: Key Principles and Qualitative Characteristics

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  1. Chapter 2 Conceptual Framework For Financial Reporting

  2. a. Comparability b. Confirmatory c. Consistency d. Neutrality e. Verifiability f. Relevance g. Verifiability, Timeliness, Understandability, Comparability h. Materiality I. Faithful representation J. Relevance and Faithful Representation k. Predictive value E2-4 (add consistency)

  3. a. Measurement – historical cost b. Full disclosure c. Expense recognition (periodicity, going concern) d. Qualitative Characteristic: Materiality/Immateriality (but cost constraint acceptable for this section) e. Industry practice (comparability, fair value) f. Economic entity g. Full disclosure h. Revenue recognition I. Full disclosure J. Revenue and expense recognition k. Economic entity E2-7 (see E2-6 list)

  4. l. Periodicity m. Expense recognition & Measurement -fair value n. Measurement -historical cost o. Expense recognition E2-7

  5. a. False b. False c. False d. False e. False f. True E2-2

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