ICAEW AF · Chapter 1 · Question 11 of 11
Under the IFRS Conceptual Framework, which of the following is NOT one of the characteristics that a perfectly faithful representation of a phenomenon would have?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Timely
Explanation
To be a perfectly faithful representation, a depiction would be complete, neutral and free from error. Timeliness is an enhancing qualitative characteristic: it means having information available to decision-makers in time to influence their decisions, and it is not one of the components of faithful representation.
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