Final answer:
IFRS outlines Relevance and Faithful Representation as primary qualitative characteristics that enhance the usefulness of financial information. Comparability and Verifiability are additional enhancing characteristics to ensure the information's reliability and the ability for independent consensus.
Step-by-step explanation:
IFRS Fundamental Qualitative Characteristics
The International Financial Reporting Standards (IFRS) outline fundamental qualitative characteristics that make financial information useful to users. The two primary characteristics are Relevance and Faithful Representation. Relevance means that the financial information should be capable of making a difference in decisions made by users. Information that is relevant has predictive value, confirmatory value, or both. Faithful Representation means that the reported financial information accurately reflects the real-world economic events it purports to represent. It must be complete, neutral, and free from error. Two enhancing qualitative characteristics are Comparability, which allows users to identify and understand similarities and differences among items, and Verifiability, which means that different knowledgeable and independent observers could reach consensus that an event is depicted faithfully.