What is IFRS Qualitative Characteristics Of Financial Reporting ?
The qualitative characteristics are the attributes that make financial information useful. The exposure draft identifies:
- two fundamental qualitative characteristics relevance and faithful representation
- four enhancing qualitative characteristics: comparability, verifiability, timeliness and understandability. They enhance the fundamental qualitative characteristics by distinguishing more useful information from less-useful information.
- two pervasive constraints that limit the information provided by financial reporting: materiality and cost.
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