Question 4 (a) Financial information is useful when it is relevant and represents faithfully what it purports to represent. The usefulness of financial information is enhanced if it is comparable, verifiable, timely and understandable. (IASB Conceptual Framework for Financial Reporting 2019). Discuss what you understand by the above statement with reference to fundamental and enhancing characteristics of financial information. (b) IFRS 13 was issued to provide guidance on measuring items at a fair value rather than historic cost. Discuss what is meant by the measurement of fair value and discuss some of the advantages and limitations of implementing the standard.