Answer:
1. Providing information that is not biased toward one position or another.
As an accountant, you cannot prepare, record or select information in order to favor someone's personal interests.
2. Providing information before it loses its capacity to influence decisions.
Information must be available when it can influence future decisions. E.g. having a 2010 cost report today is useless if you are preparing next year's budget.
3. Providing information that is proven to be free from error.
- b. Faithful representation
Faithful representation means that information must be accurate, complete, neutral, and free from errors.
4. Providing information that would make a difference in a business decision.
Relevant information should be material and be either predictive or confirmatory.
5. Provide information that accurately depicts what really happened.
- b. Faithful representation
Faithful representation means that information must be accurate, complete, neutral, and free from errors.
6. Providing information that confirms or corrects prior decisions.
It can be used to check, confirm or correct prior reports or evaluations.
