Identifying the Qualitative Characteristics of Financial Reporting under IFRS

Easy Financial Reporting Standards Ifrs Framework

Under the International Financial Reporting Standards (IFRS) Framework, financial statements must provide relevant and reliable information that is useful to a wide range of users in making economic decisions. One of the primary purposes of financial reporting is to represent the economic phenomena of an entity.

Which of the following statements best describes the fundamental qualitative characteristics of useful financial information as set out in the IFRS conceptual framework?

Financial information must be reliable, relevant, and comparable.

Financial information must be understandable, timely, and verifiable.

Financial information must be relevant and faithfully represented.

Hint

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