Page 20 - 5.1 (b) i. Finac1 ITC Summarised Notes
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ITC EXAM PREP
Qualitative characteristics
Fundamental characteristics Enhancing characteristics
• Relevance • Comparability
• Faithful representation • Verifiability
• Applying the fundamental • Timeliness
qualitative characteristics • Understandability
• Applying the enhancing
characteristics
The cost constraint on useful
financial reporting
20
