The joint IASB and FASB boards identified several "enhancing" decision useful characteristics 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 qualitative 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 augment the usefulness of financial information, making it more valuable for decision-making purposes.

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