The FASB’s conceptual framework indicates that the two most important qualitative characteristics of accounting information are relevance and representational faithfulness Describe what is meant by relevance by the FASB. Describe what the FASB means by representational faithfulness? What are some factors that the FASB says are related to representational faithfulness? Give a brief example of some information that a company might that violates either relevance or representational faithfulness. Explain how this example violates these characteristics.Show transcribed image text The FASB’s conceptual framework indicates that the two most important qualitative characteristics of accounting information are relevance and representational faithfulness Describe what is meant by relevance by the FASB. Describe what the FASB means by representational faithfulness? What are some factors that the FASB says are related to representational faithfulness? Give a brief example of some information that a company might that violates either relevance or representational faithfulness. Explain how this example violates these characteristics.
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