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Illustrates a fundamental qualitative characteristic

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Reference no: EM132626481

The Old Firm Ltd neglected to mention in the notes to the financial statement that it has switched from FIFO inventory valuation method to WAC inventory method. The change has resulted in the reported inventory asset and net income increasing in value and the cost of goods sold expense decreasing. The Financial Accountant has chosen the switch in method to make the company's performance and position look better and the difference is significant.

Task:

Question 1: Explain how this scenario illustrates a fundamental qualitative characteristic of financial information that is absent and why it is absent.

Reference no: EM132626481

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