Users must be able to compare financial statements over time and between entities to evaluate trends, performance, and financial position. For comparability, financial statements must provide consistency and disclosure. Verifiability means financial information can be directly or indirectly verified through processes like observation, recalculation, and consistency of methodology. To be useful, financial information needs to be available, or timeous, to decision-makers in a way that can influence decisions. Understandability depends on clear presentation tailored to users' financial knowledge and diligent analysis.