Select the Qualitative Characterisitic

Faithful Representation

• Financial information should be presented clearly and concisely so that users can easily understand it
• The premise that financial information is supported by evidence that can be used to check its accuracy
• The requirement that financial information must accurately reflect economic events
• Usefulness of financial information in helping users make decisions
• The ability to compare similar types of financial information effectively with other entities or over different reporting periods

Relevance

• Usefulness of financial information in helping users make decisions
• The requirement that financial information must accurately reflect economic events
• Financial information should be presented clearly and concisely so that users can easily understand it
• The premise that financial information is supported by evidence that can be used to check its accuracy
• Providing information to uses are quickly as possible so that it remains useful for decision making

Verifiability

• The requirement that financial information must accurately reflect economic events
• Financial information should be presented clearly and concisely so that users can easily understand it
• Providing information to uses are quickly as possible so that it remains useful for decision making
• Usefulness of financial information in helping users make decisions
• The premise that financial information is supported by evidence that can be used to check its accuracy

Comparability

• The premise that financial information is supported by evidence that can be used to check its accuracy
• The requirement that financial information must accurately reflect economic events
• Financial information should be presented clearly and concisely so that users can easily understand it
• The ability to compare similar types of financial information effectively with other entities or over different reporting periods
• Providing information to uses are quickly as possible so that it remains useful for decision making

Timeliness

• Providing information to uses are quickly as possible so that it remains useful for decision making
• The ability to compare similar types of financial information effectively with other entities or over different reporting periods
• The requirement that financial information must accurately reflect economic events
• Usefulness of financial information in helping users make decisions
• Financial information should be presented clearly and concisely so that users can easily understand it

Understandability

• The ability to compare similar types of financial information effectively with other entities or over different reporting periods
• Financial information should be presented clearly and concisely so that users can easily understand it
• The requirement that financial information must accurately reflect economic events
• Usefulness of financial information in helping users make decisions
• The premise that financial information is supported by evidence that can be used to check its accuracy

Faithful Representation

• financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
• financial information should be a faithful representation of the real-world economic event it claims to represent: complete, free from material error and neutral (without bias)
• financial information should allow different knowledgeable and independent observers to reach a consensus (agree) that an event is faithfully represented
• financial information should be able to be compared with similar information about other entities and with similar information about the same entity for another period or another date
• financial information should be available to decision makers in time to be capable of influencing their decisions

Relevance

• financial information should be understandable or comprehensible to users with a reasonable knowledge of business and economic activities, and presented clearly and concisely
• financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
• financial information should allow different knowledgeable and independent observers to reach a consensus (agree) that an event is faithfully represented
• financial information should be able to be compared with similar information about other entities and with similar information about the same entity for another period or another date
• financial information should be available to decision makers in time to be capable of influencing their decisions

Verifiability

• financial information should be a faithful representation of the real-world economic event it claims to represent: complete, free from material error and neutral (without bias)
• financial information should be understandable or comprehensible to users with a reasonable knowledge of business and economic activities, and presented clearly and concisely
• financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
• financial information should allow different knowledgeable and independent observers to reach a consensus (agree) that an event is faithfully represented
• financial information should be available to decision makers in time to be capable of influencing their decisions

Comparability

• financial information should be understandable or comprehensible to users with a reasonable knowledge of business and economic activities, and presented clearly and concisely
• financial information should be able to be compared with similar information about other entities and with similar information about the same entity for another period or another date
• financial information should be available to decision makers in time to be capable of influencing their decisions
• financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
• financial information should allow different knowledgeable and independent observers to reach a consensus (agree) that an event is faithfully represented