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of <h1>Financial Statements Must Be Relevant, Faithfully Represent Purpose, and Be Comparable, Verifiable, Timely, and Understandable</h1> Financial statements must be relevant and faithfully represent their purpose to be useful. They should be comparable, verifiable, timely, and understandable. Key characteristics include relevance, where information influences decisions through predictive or confirmatory value, and materiality, where misstatements affect economic decisions. Faithful presentation requires completeness, neutrality, and error-free information. The cost constraint involves balancing fundamental and enhancing qualitative characteristics. Comparability allows users to identify similarities and differences, verifiability ensures consensus on representation accuracy, timeliness ensures prompt availability for decision-making, and understandability involves clear and concise presentation.
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