Qualitative characteristics of useful financial information

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Financial reporting - International Financial Reporting Standards (IFRS) - Conceptual Framework for Financial Reporting (Conceptual framework) - International Accounting Standards Board (IASB).

The financial reporting conceptual framework identifies the fundamental qualitative characteristics of useful financial information as:

  • Relevance, and
  • Faithful representation.

The conceptual framework goes on to identify the following further characteristics as enhancing the usefulness of relevant and faithfully represented financial information:

  • Comparability
  • Verifiability
  • Timeliness, and
  • Understandability.

See also

External links