The objective of "reliability" in the ASB's Statement of Principles overrides which fundamental accounting concept?
A) Comparability
B) Going concern
C) Accruals
D) Prudence

Question

Quizplus · Accepted Answer

Reliability in the ASB's Statement of Principles is considered to override the concept of prudence because it emphasizes the need for information to be free from material error and bias, and to faithfully represent what it purports to represent, which may sometimes require a departure from overly conservative or prudent measures.

The Objective of "Reliability" in the ASB's Statement of Principles