Materiality 8. Relevance 2. Financial statements are prepared on the going concern value.. 4. Substance over Form. Verifiability 10. Neutrality 7. 3. ADVERTISEMENTS: The following points highlight the top eleven characteristics of accounting information. Understandability 4. Conservatism 11. Reliability 3. The important features of financial statements are as follows. The modern financial accounting software is an affordable, flexible, and secure package that provides a broad range of functionality. Financial accounting is the process of recording, summarizing and reporting the myriad of a company's transactions to provide an accurate picture of its financial position. 2. Financial Statements are prepared at the end of the accounting period. Financial Statements are Based on Accounting Concepts and Conventions. Comparability 5. 1. Characteristic # 1. Accounting concepts and conventions used the preparation of financial statements make them unrealistic. Timeliness 9. Features of Financial Management Determines financial Needs. Financial Statements disclose both facts and opinions. Features of financial accounting software differ from system to system. The list of features, you can see below will help you to decide what your company needs for smooth running. Features of Financial Statements. Financial management estimates the adequate amount of funds required by the business for its functioning. The characteristics are: 1. Consistency 6. It determines both short-term as well as long-term financial requirements of business and accordingly prepares a financial …