Besides identifying materiality as the threshold quality, the Framework issued by IASB identifies four others as primary qualitative characteristics that make financial statements useful. Which are these?

(i) Substance over form 

(ii) Relevance 

(iii) Prudence

(iv) Faithful representation 

(v) Comparability 

(vi) Timeliness

(vii) Reliability 

(viii) Neutrality 

(ix) Consistency

(x) Understandability 

(xi) Completeness

Transcribed Image Text:

a i, ii, iii, iv bii, vii, ix, x civ, v, vii, xi dii, v, vii, x