The two enhancing characteristics of financial information are as follows:

Comparability: Comparability enables users to identify and understand similarities and differences between items. Information about a reporting entity is more useful when it can be compared with similar information about other entities and the same entity across periods. Consistency aids comparability by ensuring the same methods are used over time for similar items.

Verifiability: This quality helps assure users that information faithfully represents the economic phenomena it purports to represent.
• Verifiability means that different knowledgeable and independent observers could reach consensus that a particular depiction is a faithful representation.
• Quantified information need not be a single point estimate to be verifiable. A range of possible amounts and the related probabilities can also be verified.

iii) Timeliness: This means having information available to decision-makers in time to be capable of influencing their decisions.
iv) Understandability: Information is made understandable by classifying, characterising
and presenting it in a clear and concise manner. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information
diligently.