Which statement best explains the qualitative characteristic of ‘completeness’?
A. Financial statements should represent the underlying transactions, assets and liabilities.
B. Omission of financial information that would influence a user’s economic decision.
C. Financial information should not contain errors or bias.
D. Financial statements should not omit material items or transactions.
Answer:D
Which statement best explains the qualitative characteristic of ‘completeness’?
A. Financial statements should represent the underlying transactions, assets and liabilities. B. Omission of financial information that would influence a user’s economic decision. C. Financial information should not contain errors or bias. D. Financial statements should not omit material items or transactions.