Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 2 - Conceptual Framework for Financial Reporting - Exercises - Page 72: E2-3f

Answer

Reliability and Relevance

Work Step by Step

Information is reliable if the user can take it as materially accurate and faithfully represented. On the other hand, relevance holds that the information should be able to impact a difference within the decision-making process of respective users.
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