Financial statements must contain information that can be relied upon, is on time, includes all transactions and is:

Financial statements must possess certain qualitative characteristics to be useful to users. The question describes several of these characteristics: Can be relied upon: This refers to the characteristic of faithful representation* (or reliability in older frameworks), meaning the information is complete, neutral, and free from error. Is on time: This refers to timeliness*, an enhancing qualitative characteristic. Includes all transactions: This refers to completeness*, a component of faithful representation. The question asks for another characteristic that completes the sentence. Let's evaluate the options: a. Accurate: Accuracy (being free from error) is a component of faithful representation. While essential, it is already implied by "can be relied upon." b. Compliant: Compliance refers to adhering to rules or standards (like GAAP or IFRS). While financial statements must be compliant, this is a requirement rather than a qualitative characteristic of the information itself in this context. c. Verifiable: Verifiability* is an enhancing qualitative characteristic. It means that different knowledgeable and independent observers could reach consensus that a particular depiction is a faithful representation. If information can be relied upon, it must be verifiable, as verifiability enhances confidence that the information faithfully represents what it purports to represent. d. Understandable: Understandability* is another enhancing qualitative characteristic, meaning information is classified, characterized, and presented clearly and concisely. While important, it doesn't directly relate to the ability to be "relied upon" in the same way verifiability does. Given that the information "can be relied upon," verifiability is the most fitting characteristic. Verifiability allows users to confirm the information's truthfulness and completeness, thereby making it reliable. The final answer is c. Verifiable