Qualitative Characteristics

Question 1

Timeliness

Answer 1

Financial information should be available to decision-makers in time to be capable of influencing their decision.

Question 2

Understandability

Answer 2

Financial information should be understandable and comprehensible to users with a reasonable knowledge and presented clearly.

Question 3

Relevance

Answer 3

All information capable of making a difference to decisions by the user should be included.

Question 4

Faithful Representation

Answer 4

The financial information is reported in a faithful representation of the real - world economic event it claims to represent. Free from material error and bias.

Question 5

Verifiability

Answer 5

Ensures that different, knowledgeable and independent observers can reach the same conclusion that a particular representation of an event is faithfully represented.