If and only if with two conditions?

Question

Would it make sense to write a statement saying that, for example: $A = B$ if and only if $f(A,B) = 1$ or $g(A,B) = 2$ ?

Answer 1

It makes sense because we have two boolean expressions.

Answer 2

It does make sense. It is a matter of taste and/or context whether you would prefer to write

$A=B$ if and only if $f(A,B)\in\{1,2\}$

instead.