timeliness Issuance of interim reports is an example of what enhancing quality of relevance? gains, losses Arises from peripheral or incidental transactions. liabilities Obligation to transfer resources arising from a past transaction.
Relevance Predictive value is an ingredient of this fundamental quality of information. comparability, verifiability, timeliness, understandability Four qualitative characteristics that are related to both relevance and faithful representation. materiality
(b) Relevant information only has predictive value, confirmatory value, or both. (c) Information that is a faithful representation is characterized as having predictive or confirmatory value. (d) Comparability pertains only to the reporting of information in a similar manner for different companies.