Which one of the following useful characteristics of financial information is identified as a key characteristic by the IASB?
A)Relevance
B)Complexity
C)conciseness
D)accuracy

Question

Quizplus · Accepted Answer

Relevance is identified as a key characteristic by the International Accounting Standards Board (IASB). Financial information has to be relevant to the decision-making needs of the users to be useful. It needs to be timely, have predictive or confirmatory value, and be material to the decision at hand. Accuracy, conciseness, and complexity are also important characteristics but are not identified as key by the IASB.

Which One of the Following Useful Characteristics of Financial Information