Level 2aa: Fundamental Qualities includes relevance and faithful representation.
Level 2aaa: Relevance is information helpful in making decision being Predictive Value, Confirmatory Value, and Materiality. Predictive Value – Relevant information used by investors to form their own expectations Confirmatory Value – Relevant information helping users confirm or correct prior expectations. Materiality – information is material if omitting (and or misstating) could influence decisions relying on the financial statements.
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