Predictive Value - information is useful in predicting the future
Relevance - pertinent to the decision at hand
Timeliness - information is available prior to the decision
Distribution to Owners - decreases in equity resulting from transfers to owners
Confirmatory Value - information confirms expectation
Understandability - users understand the information in the context of the decision being made
Gain - results if an asset is sold for more than its book value
Faithful Representation - agreement between a measure and the phenomenon its purports to represent
Comprehensive Income - the change in equity from nonowner transactions
Materality - concerns the relative size if an item and its effect on decisions
Comparability - important for making interfirm comparisons
Neutrality - the absence of bias
Recognition - the process of admitting information into financial statements
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