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The qualitative characteristics of relevance, understandability, reliability, and comparability identified in the IASB's Conceptual Framework for

The qualitative characteristics of relevance, understandability, reliability, and comparability identified in the IASB’s Conceptual Framework for Financial Reporting 2010 (the IFRS Framework) are some of the attributes that make financial information useful to the various users of financial statements. Explain what is meant by relevance, understandability, reliability, and comparability and how they make financial information useful. (10 Marks)

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Understandability Users cannot use such financial information that they cannot understand. Problems in understanding may... View the full answer

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