The IASB/FASB Tentative Joint Conceptual Framework Includes Two "Fundamental Qualitative

question 11

Essay

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.

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Definitions:

Business Document

An official record that communicates or records business activities, transactions, or decisions.

Writing Styles

The distinctive manner in which a writer expresses their thoughts through words, including tone, syntax, and vocabulary.

Positive Information

Data or facts that present a favorable or beneficial view of a situation or condition.

Using Conventions

The practice of adhering to established rules, norms, or standards, especially in writing or speaking.