Which Is Not a Qualitative Characteristic of Financial Information in the IFRS

question 30

Multiple Choice

Which is not a qualitative characteristic of financial information in the IFRS Conceptual Framework?

• A)Understandability.
• B)Historical cost.
• C)Representational faithfulness.
• D)Comparability.

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Definitions:

Propinquity

The state of being close to someone or something in terms of distance or relationship, fostering bonds or interactions.

Reciprocity

The practice of exchanging things with others for mutual benefit, especially privileges granted by one country or organization to another.

Synergy

The combined effect of a group that exceeds the sum of the effects of the individual parts.

Intimacy

A close, familiar, and usually affectionate or loving personal relationship with another person or group.