ACCA FR Syllabus A. The Conceptual And Regulatory Framework - What is meant by relevance and faithful representation? - Notes 5 / 8
The Framework differentiates between fundamental and enhancing information characteristics
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Fundamental qualitative characteristics
For information to be useful, it must be both relevant and faithfully represented
Relevance
Faithful representation
Enhancing qualitative characteristics
Comparability (including consistency)
Timeliness
Verifiability
Understandability
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