The CoBIT framework identifies seven information criteria; the FASB conceptual framework includes four qualitative characteristics of accounting information, as well as several assumptions, principles and constraints. Which of the following statements about them is most true?
A)The "confidentiality" criterion in CoBIT contradicts the "full disclosure" principle in the FASB conceptual framework.
B)The "reliability of information" criterion in CoBIT is most closely related to one of the secondary qualitative characteristics in the FASB conceptual framework.
C)Both A and B are true.
D)Neither A nor B is true.

Question

Quizplus · Accepted Answer

The "reliability of information" criterion in CoBIT is most closely related to the primary qualitative characteristic of relevance in the FASB conceptual framework, which includes the secondary characteristic of reliability. Choice A is incorrect because the "confidentiality" criterion in CoBIT does not necessarily contradict the "full disclosure" principle in the FASB conceptual framework; they are two different criteria/principles that can coexist and be applied in different circumstances.

The CoBIT Framework Identifies Seven Information Criteria; the FASB Conceptual