According to the "Conceptual Framework for Financial Reporting", the obiective of financial reporting is to provide financial information about the business that is useful to the users of the financial statements. In order to be useful, the conceptual framework refers to certain qualities that financial information should have. The two fundamental qualitative characteristics of useful financial information identified by the framework are relevance and faithful representation.

4.2 in addition to the fundamental qualitative characteristics mentioned as relevance and faithful representation, identify and discuss four other enhancing qualitative characteristics that should be present in the financial statements