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ch 2 val

Terms in this set (6)

What Is the Mixed Attribute Accounting Model?
Different approaches are used to value/report assets and
liabilities on the financial statements; attempt to maximize relevance and reliability/representational
faithfulness
The goal of mixed attribute model is to provide users with information that allows
them to assess:
risk, timing and amount of future cash flows
Financial Statement Amounts are a Function of these 3 things
economics, measurement error, and bias
measurement error occurs because of ________
estimation
bias arises as the result of _______
discretion
Other Elements of Financial Reporting Enhance
Relevance and Representational Faithfulness (4)
Notes to the financial statements
•
Management's discussion and analysis
•
Strong corporate governance
•
Regulatory monitoring and enforcement
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