Relevance of financial information guides decision making; faithful representation and enhancing characteristics ensure usefulness.

Financial statements must be relevant to users' decision making and provide a faithful representation that is complete, neutral and free from error, with materiality qualifying information whose misstatement could influence economic choices. Enhancing characteristics-comparability, verifiability, timeliness and understandability-increase usefulness, while a cost constraint limits the extent to which improvements are pursued.

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