In the International Accounting Standards Board's (IASB's) Conceptual Framework, an ingredient of a fundamental qualitative characteristic is
A) Neutrality.
B) Verifiability.
C) Timeliness.
D) Understandability.

Question

Quizplus · Accepted Answer

Neutrality is an ingredient of the fundamental qualitative characteristic of faithful representation in the IASB's Conceptual Framework. Faithful representation requires that information be neutral, free from bias.

In the International Accounting Standards Board's (IASB's) Conceptual Framework, an Ingredient