Under the AASB Framework,which of the following is NOT a primary qualitative characteristic of financial reporting?
A)Relevance
B)Conservatism
C)Understandability
D)Reliability

Question

Quizplus · Accepted Answer

Conservatism is not a primary qualitative characteristic of financial reporting under the AASB Framework. The primary qualitative characteristics are relevance, faithful representation, and comparability, and the enhancing qualitative characteristics are verifiability, timeliness, understandability, and comparability. Conservatism is a concept or principle used in accounting to ensure that uncertainties and potential losses are recognized and recorded in financial statements in a timely manner.

Under the AASB Framework,which of the Following Is NOT a Primary