[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[StudyingBruh]

According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

Predictive value

Materiality

Neutrality

Timeliness

I selected timeliness (compare and verify in time to understand) but it says materiality is the correct answer. Becker says Materiality is a characteristic of relevance only…..

[StudyingBruh]

According to the FASB conceptual framework, which of the following relates to both relevance and reliability?

Predictive value

Materiality

Neutrality

Timeliness

I selected timeliness (compare and verify in time to understand) but it says materiality is the correct answer. Becker says Materiality is a characteristic of relevance only…..

[Anonymous]

@StudyingBruh

Relevance

-Predictive

-Confirming

-Material

Faith Representation

-Free from error

-Complete

-Neutral

Enhancing Characteristics

-Comparability

-Verifiability

-Timeliness

-Understand

[Anonymous]

@StudyingBruh

Relevance

-Predictive

-Confirming

-Material

Faith Representation

-Free from error

-Complete

-Neutral

Enhancing Characteristics

-Comparability

-Verifiability

-Timeliness

-Understand

[StudyingBruh]

@DJN

I understand that but it asks for the characteristic that relates to BOTH. Materiality isn't under faithful representation (reliability) but yet it says that's the answer.

The solution also says that Timeliness is a key characteristic of relevance only. This is in the final exam #1 for becker.

[StudyingBruh]

@DJN

I understand that but it asks for the characteristic that relates to BOTH. Materiality isn't under faithful representation (reliability) but yet it says that's the answer.

The solution also says that Timeliness is a key characteristic of relevance only. This is in the final exam #1 for becker.

[Anonymous]

@StudyingBruh, I totally remember this now (de ja vu moment). I got the right answer but I had to back into with logic and elimination.

Information has to be timely to make is relevant. I.e., info from 10 years ago isn't relevant for the decision you need ot make today. Predictive value is relevant to your decision making, but does not speak to reliability. I eliminated neutrality and timeliness because they are enhancing characteristics and relevance speaks to primary. So materiality was the only one left, and if does impact both.

I’m afraid I’m not explaining this very well. That’s what I get for trying to help two weeks after taking the exam. My brain has gone to he!!…

[Anonymous]

@StudyingBruh, I totally remember this now (de ja vu moment). I got the right answer but I had to back into with logic and elimination.

Information has to be timely to make is relevant. I.e., info from 10 years ago isn't relevant for the decision you need ot make today. Predictive value is relevant to your decision making, but does not speak to reliability. I eliminated neutrality and timeliness because they are enhancing characteristics and relevance speaks to primary. So materiality was the only one left, and if does impact both.

I’m afraid I’m not explaining this very well. That’s what I get for trying to help two weeks after taking the exam. My brain has gone to he!!…

[robomarcus]

@StudyingBruh

It sounds like you're using the outdated materials. You are correct in your assumptions that materiality does NOT apply to both. If you look at the 2013 Final Exam Updates on the Becker website, it sounds like your particular question has been replaced. I've pasted the link below.

Created with Compare Ninja

REG - 76 (Exp 1/27/14); 3 attempts to pass
BEC - 83; 2 attempts to pass
AUD - 80; 3 attempts to pass
FAR - Nov 25th; 2nd attempt

[robomarcus]

@StudyingBruh

It sounds like you're using the outdated materials. You are correct in your assumptions that materiality does NOT apply to both. If you look at the 2013 Final Exam Updates on the Becker website, it sounds like your particular question has been replaced. I've pasted the link below.

Created with Compare Ninja

REG - 76 (Exp 1/27/14); 3 attempts to pass
BEC - 83; 2 attempts to pass
AUD - 80; 3 attempts to pass
FAR - Nov 25th; 2nd attempt

[Anonymous]

@robomarcus, I'm so glad you posted that update because the more I looked at the question the more I thought I was going crazy! I didn't want to reopen Becker and dig around for it, but I thought something was wrong. And no more “help” from DJN — I'm slowly backing out of the FAR thread and leaving it to the people who are currently studying because I have apparently slipped a cog!

[Anonymous]

@robomarcus, I'm so glad you posted that update because the more I looked at the question the more I thought I was going crazy! I didn't want to reopen Becker and dig around for it, but I thought something was wrong. And no more “help” from DJN — I'm slowly backing out of the FAR thread and leaving it to the people who are currently studying because I have apparently slipped a cog!

[StudyingBruh]

@robomarcus

thank you. I guess I was right then..

Yes I am on 2012 becker

[StudyingBruh]

@robomarcus

thank you. I guess I was right then..

Yes I am on 2012 becker

[robomarcus]

@DJN

@StudyingBruh

No problem! Glad I could help. It's one of the few sections of FAR that I'm comfortable with!

REG - 76 (Exp 1/27/14); 3 attempts to pass
BEC - 83; 2 attempts to pass
AUD - 80; 3 attempts to pass
FAR - Nov 25th; 2nd attempt

[Author]

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