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Financial Accounting/Financial Statements/Qualitative Characteristics

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

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


See also

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Further reading

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  • IASB. International Financial Reporting Standard


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