ACG 2021 Chapter 1: ACG2021 Chapter 1.docx
31 Jan 2015
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Document Summary
Accounting information must have enhancing or supplementary qualitative characteristics comparability info must be prepared in a way that it can be compared with information from other companies in the same period it should also be consistent with similar information for that company in pervious periods verifiability must be capable of being checked for accuracy, completeness, and reliability this is checked by both internal and external auditors enhances the reliability of the info and makes the info more representative of economic reality timeliness info must be made available to users early enough to help them make decisions give the info at a time that is relevant to their need understandability the info must be sufficiently transparent must make sense to reasonably informed users investors, creditors, regulatory agencies, and managers. Will be held longer than a year property, plant, and equipment land buildings computers equipment intangibles patents etc. long term investments.
