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1. The two main qualitative characteristics that financial information should possess have been identified as relevance and representational faithfulness. Is one more important than the

1. The two main qualitative characteristics that financial information should possess have been identified as relevance and representational faithfulness. Is one more important than the other, or they equally important.

2. Is it realistic to assume, in accordance with public interest theory, that the regulators will not be driven by their own self-interest when designing regulation?

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