The Conceptual and Regulatory Framework

SECTION A Nexus Innovations, a tech startup, is preparing its first set of financial statements under IFRS. The CFO is deciding whether to present expenses by nature or by function. According to the IASB's Conceptual Framework for Financial Reporting, which qualitative characteristic is PRIMARILY being applied when management selects the presentation method that provides the most useful information to users?

SECTION A Which TWO of the following statements regarding the regulatory framework and the standard-setting process are CORRECT?