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Explain qualitative characteristics of financial information

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QUESTION - Black Mountain is a small-scale mining corporative jointly owned by member youths from the locals. The mine specialises in extracting copper from old slug dumps. Currently, it has two operating sites, Nkana and Nchanga. While most of the workforce is drawn from the general membership, the mine has however managed to employ skilled and competent senior management.

The management is desirous to professionally run the mine and meet the aspirations of member-owners. Among the initiatives planned for implementation is an accounting system that will generate relevant information to aid in financial decision making.

Required -

a. Describe six key stakeholders for Black Mountain mine and explain the nature of their relationship to the mine.

b. Explain the qualitative characteristics of financial information and how these will enhance usefulness of the information to a stakeholder of your choice from (a) above.

Reference no: EM132864437

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