Quiz 225: Level 1 of the CFA Program exam: Financial Reporting and Analysis

According to IAS 1, the accounting principles and procedures used as basis for preparation of financial statements must be similar across different firms in order to aid the users in finding similarities and differences among them for purposes of financial decision making. Which of the following features in financial statement preparation is described by this statement?

A. Consistency
B. Comparability
C. Verifiability

Correct Answer B

Comparability requires that financial statement presentation should be consistent among firms.


End of quiz

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