Indicate the qualitative characteristic of financial information being described in each item below:

(a)Financial statements should include all information necessary to portray the underlying transactions.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(b)Financial information should make a difference in a user's decision-making.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(c)Financial information should not favour one user or stakeholder over another.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(d)Financial information should reflect the economic substance of business events or transactions.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(e)Financial information should help users assess the impact of past, present, or future events.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(f)Financial information must be reliable and without errors or omissions.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(g)Financial information should help users confirm or correct their previous expectations.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(h)Financial information should be reported and measured in a similar way within a company and between different companies.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(i)Financial information should be of sufficient quality and clarity to permit reasonably informed users to assess the information's significance.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(j)Financial information should be available to users before it loses its ability to be decision-useful.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability

(k)Knowledgeable, independent users should be able to achieve similar results and consensus when accounting for a particular financial transaction.select a qualitative characteristic

Relevance

Representational faithfulness

Completeness

Neutrality

Predictive value

Freedom from material error

Feedback value

Comparability

Understandability

Timeliness

Verifiability