qualitative characteristics of accounting information

The characteristics that make information in financial reports as useful as possible. The US Financial Accounting Standards Board, in its Statement of Financial Accounting Concepts No. 2, identifies the qualities that are both useful to decision makers and make the documents understandable. Information must be both reliable and relevant; it must have predictive value, feedback value, timeliness, comparability, consistency, verifiability, neutrality, and representational faithfulness. The UK Accounting Standards Board, in its Statement of Principles, emphasises four qualities: comparability, relevance, reliability, and understandability.

Accounting dictionary. 2014.

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