Fundamental characteristics of financial information

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Last updated 9:31 AM on 9/12/26
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5 Terms

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Relevance

Make a difference to the decisions that are made by its users. Predictive/ confirmatory value

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Faithful Representation

Represent economic phenomena in complete, neutral and error-free state. No bias. Provides complete picture to users in order to make decisions

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Two Fundamental Characteristics

Relevance and Faithful Representation

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Two categories of characteristics

Fundamental and Enhancing Characteristics

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Why do we need characteristics for financial information?

Important to be good quality for stakeholders to understand and compare between several organizations. So they can rely on the basis of preparation being similar. Accounting standards and conventions - Conceptual Framework.