Answer
This statement implies that financial data must be assessed from both the qualitative and quantitative angles, the quantitative angle being the amount. A cost-benefit analysis must be performed on all amounts disclosed in financial statements. Financial disclosures are useful to users when such users can differentiate the kind of reporting, which could be disclosure or recognition.
Work Step by Step
This statement implies that financial data must be assessed from both the qualitative and quantitative angles, the quantitative angle being the amount. A cost-benefit analysis must be performed on all amounts disclosed in financial statements. Financial disclosures are useful to users when such users can differentiate the kind of reporting, which could be disclosure or recognition.
