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Outline the fundamental qualitative characteristics

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Reference no: EM132607246

Question 1: In related party disclosures, key management personnel related transactions are subject to the highest degree of required disclosure. Why do you think this is the case?

Question 2: Outline the fundamental qualitative characteristics that financial accounting information should possess and discuss whether a trade-off maybe required between the characteristics.

Question 3: On 30 June 2020, the end of the current reporting period, the directors of Dickens Ltd made a decision to discontinue the capitalising of research and development expenditure and to expense all expenditure when incurred. Discus whether this is a change in accounting policy or a change in accounting estimate and whether the change is to be applied retrospectively or not.

Reference no: EM132607246

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