Relevance, the information must be relevant to the decision-making needs of users. Information has quality of relevance when influences the economic decisions of users by helping them evaluate past, present or future events or confirming, or correcting their past evaluations. Relevant information must be predictive value and confirmatory value.
Reliability, information must be reliable. Information has quality of reliability when it is free from material error and bias and can be depended upon by the users to represents faithfully that which it either purports to represent or could reasonably be expected to represent, and reflects the substance of transactions and other events, so that need to presented in accordance with their substance and economic reality and not merely their legal form. Information must be free from deliberate or systematic bias. Financial statements must be neutral. Inform