Which of the following are considered in the IASB Conceptual Framework as primary qualitative characteristics?
A)relevance, faithful representation, materiality and comparability
B)relevance, faithful representation, timeliness and understandability
C)relevance, faithful representation, understandability and comparability
D)materiality, faithful representation, understandability and comparability

Question

Quizplus · Accepted Answer

According to the IASB Conceptual Framework, the primary qualitative characteristics of financial information are relevance, faithful representation, understandability, and comparability. Timeliness is considered a secondary qualitative characteristic. Materiality is not a qualitative characteristic but rather a threshold for determining what information should be included in financial statements. Therefore, option C is the best choice as it lists all four primary qualitative characteristics.

Which of the Following Are Considered in the IASB Conceptual