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The Conceptual Framework
3.2 Relevance
Information is relevant when it influences the economic decisions of users by helping
them evaluate past, present or future events or confirming or correcting their past
evaluations.
3.3 Faithful representation
If information is to represent faithfully the transactions and other events that it
purports to represent, they must be accounted for and presented in accordance with
their substance and economic reality and not merely their legal form.
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