CFA Practice Question

There are 86 practice questions for this study session.

CFA Practice Question

The international financial reporting standards framework identifies four qualitative characteristics that make financial information useful. They are ______.

I. understandability
II. relevance
III. transparency
IV. comprehensiveness
V. consistency
VI. reliability
VII. comparability
Correct Answer: I, II, VI and VII

Notice the difference between this question and the "characteristics of an effective financial reporting framework" one.

User Contributed Comments 5

User Comment
3dmouse The answer is right (P109).

Note that on P679 it says
updated info
1. relevance
2. Predictive Value
3. Faithful representation ( an emphasis on economic substance over form, reliability , and completeness)
4. neutrality ( absence of bias)
5. verifiability

I think the textbook itself is not consistent in this subject.
gazelle Transparency,Comprehensiveness and Consistency are the 3 characteristics of a coherent financial reporting framework.
ybavly qualitative characteristics are:

U R Really Cool - URRC - saw someone post this earlier and it was helpful.
robbiecow nice one @ybavly
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