The International Accounting Standards Board has developed a conceptual framework. It sets out the objective of financial reporting and six qualitative characteristics.

Required:

(a)It is argued that in attempting to satisfy the six qualitative characteristics it is often necessary to have a "trade-off" between two or more of them.

Explain the basis of this argument in the context of the published annual accounts of a large public limited company. Include in your answer at least one specific example of a trade-off between two or more of the characteristics.