Assignment Help- Define relevance and faithful representation.

Assignment Help- Define relevance and faithful representation.

Define relevance and faithful representation.

Which of these fundamental qualitative characteristics of financial information does the FASB prioritize within its standards?

Use three examples of actual rules and principles to support your view.

Within your answer, discuss whether there will always be a trade-off between relevance and faithful representation, or can regulators find an appropriate “balance” of the two characteristics when deliberating on new standards.