Fundamental Qualitative Characteristics under IFRS

Very Hard Financial Reporting Standards Ifrs Framework

Under the International Financial Reporting Standards (IFRS) Framework, understanding the qualitative characteristics of financial information is crucial for users of financial statements. These characteristics help determine the usefulness of financial reports in making decisions. Which of the following statements correctly describes a fundamental qualitative characteristic of financial information as per the IFRS Framework?

Relevance and faithful representation are the two fundamental qualitative characteristics of financial information.

Comparability and timeliness are considered the fundamental qualitative characteristics under the IFRS Framework.

Understandability and verifiability are the only two fundamental qualitative characteristics as per the IFRS regulations.

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