External Financial Reporting Decisions

Posts: 1
Joined: Sat Sep 17, 2016 6:40 am

External Financial Reporting Decisions

Postby cshimanshuvalecha » Sat Sep 17, 2016 8:37 am

Hello i have recently viewed the part 1 video of External Financial Reporting Decisions and it has been told that there are two primary characteristics of Financial statements relevance and reliability

But as per my opinion there have been some recent changes, i gave my cpa exams recently and i remember the two primary characteristics of F?S are

Relevance (Predictive Value, Confirmatory Value & Materiality) & Faithful Representation ( Completeness, Neutrality, & Freedom from error)

Also the Extra ordinary items have been removed from US GAAP so page 21 becomes useless of CHapter 1 part 1.

Please clarify the same at the earliest

Thank You
Himanshu Valecha


Finance Junkie
Posts: 709
Joined: Wed Apr 09, 2014 6:28 am

Re: External Financial Reporting Decisions

Postby edupristine » Thu Oct 13, 2016 12:06 pm

Earlier Faithful Representation was on sub point and now its main point and we have made the changes in our content. Thank you for bringing this to our notice.

Return to “CMA”


Global Association of Risk Professionals, Inc. (GARP®) does not endorse, promote, review or warrant the accuracy of the products or services offered by EduPristine for FRM® related information, nor does it endorse any pass rates claimed by the provider. Further, GARP® is not responsible for any fees or costs paid by the user to EduPristine nor is GARP® responsible for any fees or costs of any person or entity providing any services to EduPristine Study Program. FRM®, GARP® and Global Association of Risk Professionals®, are trademarks owned by the Global Association of Risk Professionals, Inc

CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by EduPristine. CFA Institute, CFA®, Claritas® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Utmost care has been taken to ensure that there is no copyright violation or infringement in any of our content. Still, in case you feel that there is any copyright violation of any kind please send a mail to abuse@edupristine.com and we will rectify it.