What is the fundamental quality in the second level of the conceptual framework for financial reporting?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What is the fundamental quality in the second level of the conceptual framework for financial reporting?

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Step 1: Define financial reporting:

Financial reporting is the process of summarising and presenting a company's financial performance and status to external stakeholders such as shareholders, lenders, regulators, and the general public. It comprises creating financial statements and related disclosures to provide a clear and transparent view of the company's financial health and activities. 

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