The qualitative characteristics of financial information, as outlined in the conceptual framework for financial reporting, are as follows:

1. Relevance: Financial information is relevant if it has the ability to influence the economic decisions of users by providing information that is timely, predictive, and confirmatory.
2. Faithful representation: Financial information has faithful representation if it is complete, neutral, and free from material error. This means that financial information should accurately reflect the underlying economic reality of transactions and events.
3. Comparability: Financial information is comparable if it allows users to identify similarities and differences between different entities or periods. This means that financial information should be presented in a way that enables users to make meaningful comparisons.
4. Verifiability: Financial information is verifiable if it can be confirmed by independent observers. This means that financial information should be based on reliable and objective evidence.
5. Timeliness: Financial information is timely if it is available to users in a timely manner, so that it can be used in making economic decisions.
6. Understandability: Financial information is understandable if it is presented in a clear and concise manner, and if it is understandable to users with a reasonable level of financial knowledge.

Overall, the qualitative characteristics of financial information are important in ensuring that financial statements provide relevant, reliable, and understandable information that can be used by stakeholders in making economic decisions.