Which statement best defines comparability in financial reporting?

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Comparability means the ability to identify similarities and differences among items across periods and across different entities in financial reports. This lets users compare performance and trends over time for the same entity and compare different entities using the same financial framework. Achieving comparability relies on applying consistent accounting policies from period to period and across entities; if a policy changes, the disclosure should explain the nature and effect so users can understand and adjust their comparisons. The other options miss the point: disclosing contingent liabilities is about disclosure, not comparability; expecting statements to be error-free relates to faithful representation, not comparability; presenting data in alphabetical order has no bearing on comparability.