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Adoption of accounting standards

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Reference no: EM133233999

IASB's Conceptual Framework states that in order to be useful for decision making purposes information must have certain characteristics. It goes on to describe both fundamental and enhancing qualitative characteristics of financial information. Fundamental qualitative characteristics are relevance and faithful representation. Enhancing qualitative characteristics include comparability.

Required

(a) Explain what is meant by relevance, faithful representation and comparability and how they make financial information useful.

(b) Identify FIVE points in favour of the adoption of accounting standards.

Reference no: EM133233999

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