These characteristics are interrelated; focus on one automatically leads to focus on other. The characteristics of good or useful information are as mentioned below: Relevance: The information provided to a particular user should be relevant to his duty. Characteristics of good quality information can be defined as an acronym ACCURATE. Conservatism 11. The paper further argues that rather than focusing on finding general definitions for information, intellectual efforts should concentrate on characteristics and attributes of information. Substance over Form. Users of accounting information have different requirements. Characteristic # 1. Without certain characteristics, information can be overloaded, erroneous and misleading. 6 For information to be useful in decision making, the organization must improve the quality of its business information. Poodles come in three sizes or varieties: the standard (over 15 inches and 45 to 70 pounds [20 to 32 kilograms]), the miniature (10 or 11 inches to 15 inches and 12 to 20 pounds [5 to 9 kilograms]) and the toy (less than 10 inches and about five to seven pounds [2 to 3 kilograms]). Relevance implies that all those items of information should be reported that may … 7 Using Cash Flow Information and Present Value in Accounting Measurements Wire 10 Characteristics of Really Interesting People Illustrator Jessica Hagy spoke to a room of 200 or so SXSW attendees this afternoon about how not to be boring. [2.1, 2.3] Financial information is useful when it is relevant and represents faithfully what it purports to represent. This is the first empirical study that uses publicly available data to provide direct evidence about the role of the qualitative characteristics (QCs) of financial information in managements’ accounting decisions. Below we’ll discuss more characteristics of good information in detail… Valid Valid information is information that is accurate and reliable so that no mistakes or errors can be made. This is so because if any irrelevant or unnecessary information is provided to the user, it may distract the user from his main goal. In order to be useful to a user, accounting information should have the following characteristics: Prepared objectively.The accountant should record and report on accounting transactions from a neutral perspective, without any bias that would give the reader an incorrect impression about the financial position, results, or cash flows of a business. 8—Conceptual Framework for Financial Reporting—Chapter 3, Qualitative Characteristics of Useful Financial Information (Issue Date 08/18) Concepts Statement No. Relevance: Relevance is closely and directly related to the concept of useful information. The most important qualitative characteristics of financial information include: relevance, objectivity, timeliness and clarity (Soukupová, 2008). Verifiability 10. Timeliness 9. Being able to understand your customers’ needs should be at the centre of every successful business, whether you sell directly to your customers, or to other businesses. To improve the quality of information, it must have certain characteristics and meet certain criteria. Accounting information should satisfy quality characteristics to be useful to users. One of the best characteristics a successful business can have is knowing their customers and providing what they are looking for. (Issue Date 09/10) Amendments to Statement of Financial Accounting Concepts No. The qualitative characteristics apply equally to financial information in general purpose financial reports as well as to financial information provided in other ways. 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