Financial Accounting/Financial Statements/Qualitative Characteristics

< Financial Accounting < Financial Statements

Following are the qualitative characteristics of financial statements, as defined by the Framework of IAS/IFRS:

Understandibility
Relevance
1. Materiality
2. Timeliness
Reliability
1. Faithful representation
2. Substance over form
3. Neutrality
4. Prudence
5. Completeness
Comparability

See also

Elements of financial statements

Further reading

IASB. International Financial Reporting Standard

External links

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