Final answer:
Qualitative disclosures include information about the nature and timing of revenue recognition. Quantitative disclosures include the amounts of different revenue streams and changes in revenue over time.
Step-by-step explanation:
The qualitative and quantitative disclosures required related to revenue recognition are important for providing relevant information to users of financial statements.
Qualitative disclosures include information about the nature of revenue recognized, the timing and uncertainty of revenue recognition, and any significant judgements or estimates made in determining revenue.
Quantitative disclosures include the amounts of different revenue streams, such as product sales, service revenue, and licensing revenue, as well as any significant changes in revenue from period to period.