Conceptual framework projects identify qualitative criteria that financial information should possess and it is useful for economic decision making. Examples of attributes include relevant, faithful representation, verifiability, timeliness, comparability, and understandability.

Do you believe that financial information can, in reality, be considered having those qualitative characteristics? Explain and give examples to support your arguments.

Answer rating: 100% (QA)

Financial reporting is done with the primary aim of providing financial information for the users of financial information such as existing and potent... View the full answer