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Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.


Quality of information that confirms users’ earlier expectations.

confirmatory value

Imperative for providing comparisons of a company from period to period.

comparability (consistency)

Ignores the economic consequences of a standard or rule.


Requires a high degree of consensus among individuals on a given measurement.


Predictive value is an ingredient of this primary quality of information


Four qualitative characteristics that are related to both relevance and faithful representation

comparability, timeliness, verifiability, understandability

An item is not recorded because its effect on income would not change a decision


Neutrality is an ingredient of this primary quality of accounting information.

faithful representation

Two primary qualities that make accounting information useful for decision-making purposes

relevance, faithful representation

Issuance of interim reports is and example of what primary ingredient of relevance


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