FASB’s Conceptual Framework Summarized - 5

Level 2a: Qualitative Characteristics including Fundamental Qualities, and Enhancing Qualities 

Level 2aa: Fundamental Qualities includes relevance and faithful representation. 
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Level 2aab: Faithful representation are that numbers and descriptions match exactly what happened, ensuring completeness, neutrality, and free from error.
Completeness – refers to all information that is necessary for faithful representations is provided.
Neutrality – is where a company cannot select information to favor one set of interest parties over another.
Free from error –  refers to more accurate faithful representation of a financial item.  ​