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Basic Question 5 of 6
The international financial reporting standards framework identifies four qualitative characteristics that make financial information useful. They are ______.
II. relevance
III. transparency
IV. comprehensiveness
V. consistency
VI. reliability
VII. comparability
I. understandability
II. relevance
III. transparency
IV. comprehensiveness
V. consistency
VI. reliability
VII. comparability
User Contributed Comments 5
| User | Comment |
|---|---|
| 3dmouse | The answer is right (P109). Note that on P679 it says updated info 1. relevance 2. Predictive Value 3. Faithful representation ( an emphasis on economic substance over form, reliability , and completeness) 4. neutrality ( absence of bias) 5. verifiability I think the textbook itself is not consistent in this subject. |
| gazelle | Transparency,Comprehensiveness and Consistency are the 3 characteristics of a coherent financial reporting framework. |
| ybavly | qualitative characteristics are: U R Really Cool - URRC - saw someone post this earlier and it was helpful. |
| robbiecow | nice one @ybavly |
| leon121 | THANKS YBAVLY |
Thanks again for your wonderful site ... it definitely made the difference.
Craig Baugh
Learning Outcome Statements
describe implications for financial analysis of alternative financial reporting systems and the importance of monitoring developments in financial reporting standards
CFA® 2024 Level I Curriculum, Volume 2, Module 1.