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The IASB framework defines six characteristics of useful financial information.
Which one of the following is not one of these characteristics?
Suggested Answer: A, C, F
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38 comments · newest first
LU
Luz
11 months ago
The six are relevance, faithful representation, comparability, verifiability, timeliness, and understandability.
AD
Adelaide
11 months ago
Wait, are you sure about that? I thought all six were important.
DE
Deeann
11 months ago
Totally agree, Prudent doesn't fit!
AB
Abel
12 months ago
I think D is the odd one out here.
CA
Caren
12 months ago
A is definitely one of the characteristics.
ED
Edison
1 year ago
I’m pretty confident that relevance and timeliness are key characteristics, but I can't recall if "complete" was specifically listed.
HA
Harley
1 year ago
I feel like I might be mixing up some terms here. Was "prudent" mentioned in the context of financial information?
CR
Cruz
1 year ago
I remember practicing a question like this, and I think "prudent" doesn't fit with the other characteristics.
KA
Katheryn
1 year ago
I think relevance, completeness, and timeliness are definitely part of the framework, but I'm not sure about "prudent."
TI
Tiera
1 year ago
Okay, let me think this through. Relevance, completeness, and timeliness are definitely characteristics. Prudence seems like it might be one as well, but I'm not 100% sure.
CU
Curt
1 year ago
Hmm, I'm a bit unsure about this one. I know the IASB framework has a list of characteristics, but I can't quite remember them all off the top of my head.
GE
Georgene
1 year ago
This looks like a straightforward question on the IASB framework. I'll review the characteristics and eliminate the ones that don't fit.
LI
Linwood
1 year ago
I've got this! The IASB framework lists six key characteristics, and "Prudent" is not one of them. I'm confident that's the correct answer.
LU
Lucille
1 year ago
I'm a little confused by this one. The question mentions the file format is available for selection, but the options don't seem to match what I'd expect for an email sending report. I'm not sure if I'm missing something here. I'll have to review the question again carefully.
AN
Annita
1 year ago
The IASB must have been really picky when they came up with these characteristics. I bet they were like, 'Relevance? Check. Timeliness? Check. Prudence? Check. Completeness? Nah, too much work.'
CO
Cordelia
1 year ago
Definitely B. 'Complete' is not one of the characteristics, I'm sure of it. Now, if only I could remember what the other five are...
GA
Gabriele
1 year ago
I believe the other five characteristics are Relevance, Timely, Prudent, Understandable, and Verifiable.
LE
Lemuel
1 year ago
Yes, 'Complete' is not one of the characteristics defined by the IASB framework.
LI
Lindsay
1 year ago
I think you're right, 'Complete' is not one of the characteristics.
MA
Marguerita
1 year ago
D) Prudent
DA
Daniela
1 year ago
C) Timely
AU
Audra
1 year ago
B) Complete
IL
Iluminada
1 year ago
A) Relevance
SH
Sharee
1 year ago
I'm leaning towards C. 'Timely' just sounds like it should be one of the characteristics. Although, if I'm being honest, I'm still a little fuzzy on the whole IASB framework.
KA
Kattie
1 year ago
C) Timely
JU
Junita
1 year ago
B) Complete
GI
Giovanna
1 year ago
A) Relevance
PA
Patti
2 years ago
Hmm, I remember 'Prudent' being one of the characteristics, so I'll have to go with D. It's a shame they don't let us use calculators on these exams, am I right?
MI
Millie
1 year ago
Yeah, it's too bad we can't use calculators, it would make things a lot easier.
AN
Annita
1 year ago
I think you're right, 'Prudent' is one of the characteristics.
CA
Carline
2 years ago
I'm not sure, but I think D) Prudent is the correct answer because it's not mentioned in the IASB framework.
SH
Shawna
2 years ago
I agree with Gussie, D) Prudent doesn't seem to be one of the characteristics.
SA
Santos
2 years ago
I'm pretty sure 'Complete' is one of the characteristics, so I'll go with B. What do you think?
CA
Carman
1 year ago
I think we should go with B, 'Complete' is definitely one of the characteristics.
EM
Emerson
1 year ago
I'm not sure about 'Prudent', but I know 'Complete' is one of the characteristics. Let's choose D.
GA
Galen
1 year ago
I agree, 'Complete' is definitely one of the characteristics. B sounds like the right choice.
TA
Tamra
1 year ago
I think 'Complete' is one of the characteristics too. Let's go with B.
GU
Gussie
2 years ago
I think the answer is D) Prudent.