ACCA FR Syllabus A. The Conceptual And Regulatory Framework - Relevance - Notes ^{4 / 8}

Has Predictive value and/or Confirmatory value

So users can assess the entity ability to..

1. Take advantage of opportunities

2. React to adverse situations

3. eg. Discontinued operations separated from continuing on the income statement

Materiality

• This is not a matter to be considered by standard-setters but by preparers of accounts and their auditors