In the second level of the conceptual framework for financial reporting, ______refers to the fact that the information can be confirmed by a third party, such as a vendor or publicly available information.

In the second level of the conceptual framework for financial reporting, **verifiability** refers to the fact that the information can be confirmed by a third party, such as a vendor or publicly available information. Verifiability ensures that different knowledgeable and independent observers can reach a consensus that a particular depiction is a faithful representation.