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The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.a) Provide one example where information is relevant but not faithfully representedb) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented.

The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.a) Provide one example where information is relevant but not faithfully representedb) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
Section: Chapter Questions
Problem 1C
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The fundamental qualitative characteristics that financial information must possess to be useful to the
primary users of general purpose financial reports—identified in the Conceptual Framework are
‘relevance’ and ‘faithful representation’.a) Provide one example where information is relevant but not faithfully representedb) Provide one example where information is not relevant but is faithfully represented. c) Provide one example where information is relevant and faithfully represented.

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