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According to the FASB conceptual framework, which of the following relates to both relevance and reliability?
Suggested Answer: A
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Choice "a" is correct. Comparability and consistency are secondary qualities of both relevance and reliability. SFAC 2 para. 111-122
Choice "b" is incorrect. Feedback value is a key characteristic of relevance only.
Choice "c" is incorrect. Verifiability is a key characteristic of reliability only.
Choice "d" is incorrect. Timeliness is a key characteristic of relevance only.
8 comments · newest first
DE
Dean
11 months ago
Feedback value is also important, but I lean towards C.
RA
Raul
12 months ago
Wait, I thought relevance and reliability were separate?
AN
Annalee
12 months ago
Not so sure about that, could be A too.
SU
Sunshine
12 months ago
Totally agree, C makes the most sense!
VE
Veda
1 year ago
I think it's C, verifiability.
SA
Sabina
1 year ago
I'm a bit confused by the wording of the options, I'll need to read them carefully to make sure I understand the differences.
BA
Barbra
1 year ago
This looks like a straightforward permissions issue. I'd start by checking the dashboard sharing settings to ensure all users have the necessary access.
RI
Ricarda
1 year ago
Okay, I've got this. The service reports are used as the basis for making management decisions and taking corrective actions, so the answer is B.