Final answer:
The phrase 'Free from error' is not a component of relevance in the FASB concept and is actually a part of faithful representation.
Step-by-step explanation:
The component that is not a part of relevance as defined in the Financial Accounting Standards Board's (FASB) conceptual framework is Free from error.
The elements that constitute relevance according to the FASB include Materiality, Predictive value, and Confirmatory value. 'Free from error' pertains to the quality of being accurate and complete, but it is actually considered an aspect of the fundamental quality of faithful representation, not relevance.
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation.
FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA).