Three of the qualitative characteristics listed in the AASB Framework are:
A)reliability,comparability,relevance.
B)readability,timeliness,reasonability.
C)conservatism,availability,relevance.
D)optimism,availability,relevance.

Question

Quizplus · Accepted Answer

The AASB Framework lists three primary qualitative characteristics of financial information: reliability (information should be free from error and bias), comparability (information should be comparable to other periods and to other entities), and relevance (information should be relevant to the decision-making needs of users). Therefore, the best choice is A. Readability, timeliness, reasonability, conservatism, availability, and optimism are not listed as primary qualitative characteristics in the AASB Framework.

Three of the Qualitative Characteristics Listed in the AASB Framework