Iasb Framework

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Revised IASB Conceptual Framework

Revised IASB Conceptual Framework

This paper discusses the revised IASB conceptual framework, particularly the qualitative characteristics within the framework. Characteristics comprises of two elements;

• Relevance: Financial information is relevant if it is able to make a difference in users' decisions, that is to say if it has predictive value, confirmation or both;

• Faithful Representation: The faithful representation of economic phenomena implies that the relevant phenomena are presented so faithful, that is to say in a comprehensive, neutral and without error.

To be useful, information must be both relevant and faithfully represented. The cost constraint is needed ...
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