The different sets of factors/qualities of financial statements. example, factors, remember, different, statements

w1977

It seems the lists keep getting bigger and bigger and I keep finding new ones I hadn't heard of before after taking these mock exams. What is the best way to remember all the different qualitative aspects of financial statements under the different frameworks.

For example I remember

CONSistency
TRANSparancy
COMPrehensiveness

is one. Not that I know what its for.

Then you have reliability and all the others ones I honestly can't remember off the top of my head. Any help here?

MythosHF

i remember it as TCHCS

Transparency
CompreHensiveness
ConSistentcy

and then there is URRCP

Understandability
Relevance
Reliability
ComParability

dcfox83

also, because Reliability has more letters in it than Relevance, it is also the one that has the 5 other factors.



Edited 1 time(s). Last edit at Friday, June 4, 2010 at 05:16PM by gartsy.

JPSem

I like gartsy's better

Londonrocks

Toronto transit worked well for me. Thanks again Matt, that's two.

farrukhsadiq

Qualitative Characteristics:


CUBUD ------> COMPARABILITY UNDERSTANDABILITY Benefit User Decisions


RELEVANCE :

Passing--------->Predictive Value
Feeels --------> Feedback Value
Mighty---------> Material
Terrific --------> Timeliness

RELIABILITY:

N ..obody R..ely S on P..ast Financials Unless C...ompletely Verified

Neutrality
Represent Faithfulness
Substance over Form
Prudence
Completeness


Contraints:

Benefits vs Costs
Materialility
Reliability vs Timeliness : Think of this constraint - --- 10 K vs 10Q: One is audited and more reliable and the other is unaudited but more timely.