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FASB Conceptual Framework

Lesson
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The Financial Accounting Standards Board (FASB) has created a conceptual framework which lays out the broad goals of its accounting regulations.

The system divides various focuses into two groups: quantitative and qualitative aspects.

Question
The CFO needs a bit of clarification on your financials before he can sign off on them.

The only relevant information you've discovered is as follows:

  • An accountant explained that one of the most important characteristics in accounting is comparability.
Which aspect of the FASB Conceptual Framework does comparability support?
Answer
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👉 Answer:

  • Comparability is an enhancing qualitative characteristic.
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