In the International Accounting Standards Board's (IASB's) Conceptual Framework, qualitative characteristics
A) Are considered either fundamental or enhancing.
B) Contribute to the decision-usefulness of financial reporting information.
C) Distinguish better information from inferior information for decision-making purposes.
D) All of the choices are correct.

Question

Quizplus · Accepted Answer

All the choices are correct. The IASB's Conceptual Framework identifies two types of qualitative characteristics - fundamental and enhancing - that contribute to the decision-usefulness of financial reporting information. These characteristics help distinguish better information from inferior information for decision-making purposes.

In the International Accounting Standards Board's (IASB's) Conceptual Framework, Qualitative