Which of the following are considered in the AASB 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 AASB Framework, the primary qualitative characteristics are relevance, faithful representation, understandability, and comparability. Timeliness is considered a secondary qualitative characteristic. Materiality is important but not classified as a qualitative characteristic. Therefore, option C is the correct answer.

Which of the Following Are Considered in the AASB Framework