IFRS Qualitative Characteristics Of Financial Reporting

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 PRACHEETI asked over 1 year ago

What is IFRS Qualitative Characteristics Of Financial Reporting ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 nayana madwani answered over 1 year ago

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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