Class Notes (837,539)
Canada (510,303)
Psychology (6,261)
Tom Haffie (18)
Lecture

Understandability

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Department
Psychology
Course
Psychology 2011A/B
Professor
Tom Haffie
Semester
Fall

Description
Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge of business and economic activities Relevance This implies that, to be useful, accounting information must assist a user to form, confirm or maybe revise a view - usually in the context of making a decision (e.g. should I invest, should I lend money to this business? Should I work for this business?) Consistency This implies consistent treatment of similar items and application of accounting policies Comparability This impli
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