The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The IASB's conceptual framework sets forth the qualitative characteristic of _____ which refers to the attribute that users of financial reports will perceive the significance of a reported item to their decisions. Such perception involves comprehending the economic effects of a
firm's actions and the measurement and reporting of those economic effects in the financial reports.
a. relevance
b. reliability
c. comparability
d. materiality
e. understandability
E
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