Either How can one enhance the usefulness of financial information by applying four enhancing qualitative characteristics? Or Which entities are…

The usefulness of financial information can be enhanced by applying four enhancing qualitative characteristics as follows: Comparability: Users' decisions involve choosing between alternatives. Information about a reporting entity is more useful if it can be compared with similar information about other entities and with similar information about the same entity for another period or another date. Comparability refers to the use of the same methods for the same items, and uniformity implies that like things must look alike and different things must look different.Verifiability: Verifiability means that different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular depiction is a faithful representation. Verification can be direct or indirect.Timeliness: Timeliness means having information available to decision-makers in time to be capable of influencing their decisions. Generally, the older the information is the less useful it is. However, some information may continue to be timely long after the end of a reporting period because, for example, some users may need to identify and assess trends.Understandability: Classifying, characterising and presenting information clearly and concisely makes it understandable. Some phenomena are inherently complex and cannot be made easy to understand. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information diligently. At times, even well-informed and diligent users may need to seek the aid of an adviser to understand information about complex economic phenomena. Following entities are mandatorily required to prepare their financial statements based on Indian Accounting Standards All Listed Corporate EntitiesUnlisted Corporate Entities having net worth of rupees two hundred and fifty crore or moreAll holding, subsidiary, joint venture or associate companies of the above mentioned listed and unlisted corporate entitiesAll NBFCsMF schemes