Which financial reporting characteristic allows for changes in accounting principles under certain conditions?

The concept of comparability in financial reporting is crucial as it allows financial statements from different periods and entities to be understood and assessed against each other. This characteristic enables users to draw meaningful comparisons and thus to make informed economic decisions.

When changes in accounting principles occur, these changes must be disclosed, and the effects of the changes must be explained to ensure that the financial reports remain comparable over time. This aspect of comparability is important because it recognizes that different accounting methods may be used over time or between companies, as long as those changes are clearly communicated.

While consistency relates to the use of the same accounting principles over time, it does not inherently allow for changes; rather, it emphasizes the importance of maintaining the same accounting methods. Reliability pertains to the assurance that financial statements accurately reflect the organization's financial status, and relevance focuses on the usefulness of the information presented to decision-makers.

Thus, comparability specifically addresses the need to allow for changes under certain conditions while still providing users with the ability to compare financial statements effectively.