QUALITATIVE CHARACTERISTIC OF UNDERLYING CONCEPT

Fundamental Qualitative Characteristics -

Relevance: Information must be capable of making a difference in users’ decisions.
Faithful Representation: Information must be complete, neutral, and free from error.

Enhancing Qualitative Characteristics -

Comparability - Verifiability - Timeliness - Understandability

-> Definition of asset = qualitative characteristic + measurement (existence + probability of flow to the future of economic resource)