Abstract:

When the IASB published Exposure Draft—Conceptual Framework for Financial Reporting in 2015, its revised qualitative characteristics of useful financial information once again came under close scrutiny. The specific concept of quality characteristics is related to the economic, cultural and political accounting environments of different countries.Replacing “reliability” with “faithful representation” has certain rationality and institutional basis.“Substance over form” and “asymmetric prudence” should be retained to reflect the basic spirit of investor protection. “Materiality” and “measurement uncertainty” should be the “influence factors” of qualitative characteristics of accounting information.The hierarchy of accounting qualities should be restructured appropriately on the basis of such components as constraint conditions, quality characteristics, ingredients of primary qualities and influencing factorsso as to make it clear in concepts, explicit in connotation and consistent in functions.

Key words:  , IASB｜ Conceptual Framework for Financial Reporting｜qualitative characteristics of accounting information｜ international feedback