Question 1

The IASB conceptual framework outlines two fundamental characteristics of useful information, namely relevance and faithful representation.

a) Briefly define the terms relevance and faithful representation

b) In relation to heritage assets, discuss the relevance of fair value accounting for:

i. public monuments, art collections, nature reserves etc.

ii. private monuments, art collections, nature reserves etc.

In your answer, use the article. link is https://www.researchgate.net/publication/222997248_A_critique_of_the_influence_of_globalization_and_convergence_of_accounting_standards_in_Fiji