Relevance and reliability are the primary characteristics that standard setters should be concerned with.

Question

Quizplus · Accepted Answer

Relevance and reliability are considered the primary qualitative characteristics of financial information that standard setters aim to achieve. This is stated in the conceptual framework of accounting issued by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB).

Relevance and Reliability Are the Primary Characteristics That Standard Setters