External Financial Reporting Decisions

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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: 981
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.

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