Examlex
The IASB/FASB tentative joint conceptual framework includes two "fundamental qualitative characteristics" that must be present for financial reporting information to be useful.
Required:
Name and describe the two joint conceptual framework fundamental characteristics.
External Change
Modifications or adjustments that occur outside an organization, which can impact its operations and strategies.
Management Philosophy
Relates to the set of beliefs and principles that guide the decision-making, strategies, and leadership practices of a manager or organization.
Type of Business
Categories or classifications of commercial organizations based on factors like ownership, size, and product or service rendered.
Chapter 7
A provision of U.S. bankruptcy law under which an individual or business liquidates assets to pay off debts under the guidance of a court-appointed trustee.
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