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.

---

Definitions:

Voidable

A term for an agreement or contract that may appear valid but can be legally voided by one of the parties.

Concealment

The active hiding of the truth about a material fact.

Nondisclosure

A legal agreement or clause that prohibits sharing confidential information with unauthorized parties.

Negligence

Negligence is the failure to take reasonable care to avoid causing injury or loss to another person, resulting in legal liability for any damages caused.