Current practice appears to be that the term

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Unformatted text preview: financial statements”. Current practice appears to be that the term financial statements is designated for the attempt to report on all aspects. 7. Do financial statements and other types of financial reporting have similar qualitative characteristics? Financial reporting of all types will have similar qualitative characteristics, because all these types of financial reporting have a similar objective: portray reality. Qualitative characteristics are in actual fact requirements that must be met in order to reach the desired quality of the view of reality. It may well be, that, if a financial report is aimed at one (or a limited number of the) aspect(s) of the outcome of the conversion and exchange process, a certain characteristics is of more importance than it is in a report on another aspect. 8. Can all kinds of financial reporting be dealt with by the same framework? Naarden, march 2007. P. A. Pieterse van Wijck. All rights reserved. Following the line of reasoning set out above the answer is that, given the common objective, i.e. provide a view of reality, all kinds of financial reporting can be dealt with by the same framework. Naarden, march 2007. P. A. Pieterse van Wijck. All rights reserved....
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This note was uploaded on 12/02/2013 for the course ACCOUNTING ACC123 taught by Professor Brown during the Spring '14 term at American Public University.

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