Information that is able to confirm or correct past evaluations that have been made by users of financial information is an example of information that satisfies which of the following characteristics of financial information identified in The Framework?
A) Understandability
B) Relevance
C) Verifiability
D) Comparability

Question

Quizplus · Accepted Answer

Relevance is a key characteristic of financial information, as it makes the information capable of making a difference in decision-making processes. Information that can confirm or correct past evaluations directly influences financial decisions, making it relevant.

Information That Is Able to Confirm or Correct Past Evaluations