FASB Conceptual Framework
Lesson:
The Financial Accounting Standards Board (FASB) has created a conceptual framework which lays out the broad goals of its accounting regulations.
The system divides various focuses into two groups: quantitative and qualitative aspects.
You've just been hired as a CFO and are trying to make sense of the firm's financials.
Here are the relevant facts:
- An accountant explained that one of the most important characteristics in accounting is timeliness.
Which aspect of the FASB Conceptual Framework does timeliness support?
Answer:
- Timeliness is an enhancing qualitative characteristic.