Why is it important for financial statements to have the qualitative characteristics of relevance and faithful representation?
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Why is it important for financial statements to have the qualitative characteristics of relevance and faithful representation? If you had to choose between having information that was more relevant but less representationally faithful or information that was more representationally faithful but less relevant, which would you pick? Explain.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Its important for information to be relevant as it must be useful for stakeholders who must be able ...View the full answer
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