In the current Conceptual Framework the qualitative characteristic of reliability has been replaced by the characteristic of:
A) trustworthiness.
B) truth and fairness.
C) honesty.
D) faithful representation.

Question

Quizplus · Accepted Answer

The qualitative characteristic of reliability in the conceptual framework for financial reporting has been replaced by "faithful representation" to better describe the requirement for financial information to accurately reflect the economic phenomena it purports to represent.

In the Current Conceptual Framework the Qualitative Characteristic of Reliability