[CPApracticer]

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

A. Timeliness

B. Materiality

C. Predictive Value

D. Neutrality

And why.

F: 54 (4/13) 60 (4/14) 67 (9/14) 66 (10/14) 63 (11/15) 79 (2/16) PASSED
A: 60 (5/13) 80 (4/16) PASSED
R: 60 (7/13) 61 (2/15) 70 (4/15) 77 (7/15) PASSED
B: (6/16)

[Anonymous]

I would say predictive value. Don't think reliability is in the conceptual framework anymore though. Are you using old materials?

[CPApracticer]

I am using 2013 Becker material. I just took a practice test and I've never seen “Reliability” anywhere before. I've been taught:

Relevance: Predictive, Confirming, Materiality

Faithful Representation: Completeness, Neutrality, Freedom from Error

Enhance: Understand, Verify, Timeliness, Understandability

But it did not help me answer this question. Does the new Becker material update their practice tests?

F: 54 (4/13) 60 (4/14) 67 (9/14) 66 (10/14) 63 (11/15) 79 (2/16) PASSED
A: 60 (5/13) 80 (4/16) PASSED
R: 60 (7/13) 61 (2/15) 70 (4/15) 77 (7/15) PASSED
B: (6/16)

[Anonymous]

https://www.nysscpa.org/cpajournal/2007/807/essentials/p30.htm

[Anonymous]

Based on the old framework the answer would be materiality I believe. SFAC 2 was superceded by SFAC 8

[Anonymous]

what i think of reliable it is the same as faithful representation

and the answer is timeliness because it is enhance the qualitative characteristics(relevance and faithful representation)

[CPApracticer]

I thought it was Timeliness too, but the answer was materiality. I guess the Becker final exams are not updated.

F: 54 (4/13) 60 (4/14) 67 (9/14) 66 (10/14) 63 (11/15) 79 (2/16) PASSED
A: 60 (5/13) 80 (4/16) PASSED
R: 60 (7/13) 61 (2/15) 70 (4/15) 77 (7/15) PASSED
B: (6/16)

[J]

These standards changed in 2012 (??), but you now have relevance (which is comprised of predictive value and confirmatory value, which is synonymous with feedback value) and faithful representation (complete, neutral, free from error). Materiality relates to both because it is an underlying threshold on which all of the qualities/characteristics are judged.

[Author]

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