According to the conceptual framework, verifiability implies:
A) Legal evidence.
B) Logic.
C) Consensus.
D) Legal verdict.

Question

Quizplus · Accepted Answer

Verifiability in the context of the conceptual framework for financial reporting implies that different knowledgeable and independent observers can reach a consensus that a particular depiction of an event is faithfully represented. This does not necessarily involve legal evidence or verdicts, nor is it solely about logic, but rather about the ability to verify the information through consensus among observers.

According to the Conceptual Framework, Verifiability Implies