The four enhancing qualitative characteristics of accounting information are:
A) comparability, verifiability, timeliness and understandability.
B) consistency, timeliness, relevance and understandability.
C) materiality, comparability, economic substance and verifiability.
D) reliability, comparability, materiality, and timeliness.

Question

Quizplus · Accepted Answer

The four enhancing qualitative characteristics of accounting information are comparability, verifiability, timeliness, and understandability, as stated in the International Financial Reporting Standards (IFRS). Choice B is incorrect because consistency is a fundamental qualitative characteristic, not an enhancing one. Choice C includes economic substance, which is not considered a qualitative characteristic. Choice D is incorrect because reliability is a fundamental qualitative characteristic, and materiality is not an enhancing one but a constraint.

The Four Enhancing Qualitative Characteristics of Accounting Information Are