Question: When reviewing the recent changes in the Conceptual Framework (old version in your text, new version in FASB Concept Statement No. 8 under course documents)

When reviewing the recent changes in the Conceptual Framework (old version in your text, new version in FASB Concept Statement No. 8 under course documents) you will notice several significant changes. One of the most meaningful and interesting to me is the promotion of relevance to a primary qualitative characteristic of accounting information and the demotion of reliability to an enhancing characteristic of accounting information.

Please discuss this. What does it mean? How does/will this affect future changes in the practice of accounting?

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