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What is the most important quality for accounting information as identified in Statement of Financial Accounting Concepts No. 2? Explain why it is the most important.

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Jamar Ferry
Jamar FerryLv2
29 Sep 2019
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The Financial Accounting Standards Board has developed a conceptualframework for financial accounting and reporting. The FASB hasissued seven Statements of Financial Accounting Concepts.

These statements set forth objectives and fundamentals that will bethe basis for developing financial accounting and reportingstandards. The objectives identify the goals and purposes offinancial reporting. The fundamentals are the underlying conceptsof financial accounting concepts that guide the selection oftransactions, events, and circumstances to be accounted for; theirrecognition and measurement; and the means of summarizing andcommunicating them to interested parties.

The purpose of Statement of Financial Accounting Concepts No. 2,"Qualitative Characteristics of Accounting Information," is toexamine the characteristics that make accounting informationuseful. The characteristics or qualities of information discussedin Concepts No. 2 are the ingredients that make information usefuland are the qualities to be sought when accounting choices aremade.

What is the most important quality for accounting information asidentified in Statement of Financial Accounting Concepts No. 2?Explain why it is the most important.

Go to the International Financial Reporting Standards (IFRS) Website to review authoritative guidance on “accounting policy disclosures”, located at http://www.ifrs.org in the search engine type in “accounting policy disclosures”. Then highlight the main elements that primary disclosure accounting policies encompass, and provide at least two (2) examples of the most commonly required disclosures. Give your opinion on the way in which the disclosures you identified are important to financial statement users. Provide a rationale for your opinion.

Select the correct statement regardingmanagerial and financial accounting.

Users of managerial accounting information desire more detailedaccounting reports than do users of financial accountinginformation.

Both managerial and financial accounting use economic andphysical data in addition to financial data.

Financial accounting is less regulated than managerialaccounting.

Timeliness is more important in financial accounting than inmanagerial accounting

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