The qualitative characteristics of financial accounting include relevance and reliability. Relevant information is useful for making decisions today, and therefore must be current. Reliable information is information that can be trusted.
The more reliable the information, the less relevant it is. Why?© BrainMass Inc. brainmass.com June 3, 2020, 11:40 pm ad1c9bdddf
This is so because as an organization gathers and waits for more data to validate the accounting information - that is to make it more ...
The solution discusses relevance and reliability.