ICAEW AF · Chapter 1 · Question 2 of 11
Which of the following is an enhancing qualitative characteristic of useful financial information under the IFRS Conceptual Framework?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Comparability
Explanation
Comparability is one of the four enhancing qualitative characteristics, along with verifiability, timeliness and understandability. Relevance and faithful representation are the fundamental characteristics, while going concern is the underlying assumption on which financial statements are normally prepared.
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