The joint IASB and FASB boards identified several "enhancing" characteristic of financial information including
A)comparability, verifiability, timeliness, and understandability
B)materiality, verifiability, timeliness, and understandability
C)comparability, verifiability, timeliness, and materiality
D)comparability, relevance, timeliness, and understandability

Question

Quizplus · Accepted Answer

The enhancing characteristics of financial information as identified by the joint efforts of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) include comparability, verifiability, timeliness, and understandability. These characteristics are meant to improve the quality of financial information, making it more useful for decision-making purposes.

The Joint IASB and FASB Boards Identified Several "Enhancing" Characteristic