I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider



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concept) is always to treat a business as a separate entity from its owner(s). This means the 

transactions of the owner should never be mixed with the business's transactions. This applies whether 

or not the business is recognised in law as a separate legal entity. 

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CHAPTER 3  

//

  THE QUALITATIVE CHARACTERISTICS OF FINANCIAL INFORMATION 



 

39 

QUESTION 

Revision of qualitative characteristics

 

See if you can write a short sentence explaining each of the following characteristics. 

A Relevance 

B Faithful 

representation 

C Comparability 

D Understandability 

 

ANSWER 



Relevance. The information provided satisfies the needs of users, helping them to evaluate past, 

present or future events and confirming or correcting their past evaluations.  



Faithful representation. The information gives full details of its effects on the financial statements 

and is only recognised if its financial effects are certain. 



Comparability. The information should be produced on a consistent basis so that valid 

comparisons can be made with previous periods and with other entities. 



Understandability. Information may be difficult to understand if it is incomplete, but too much 

 

detail can also confuse the issue. 



 

QUESTION 

     

Consistency

 

Which of the following statements best describes the consistency concept? 

Only material items are disclosed. 



The way an item is presented always remains the same. 

Presentation and classification of items should remain the same unless a change is required by 



an IFRS.  

ANSWER 

The correct answer is C; presentation and classification of items should remain the same unless a 

change is required by an IFRS. 

 

 



 

 EXAM FOCUS POINT 

The syllabus shows that you must understand and be able to apply both qualitative characteristics and 

accounting concepts. Do not neglect this section. 

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