Ever since the Financial Accounting Standards Board's original Conceptual Framework was established in the early 1980s, we have embraced relevance as a major goal, if not the goal, in bringing meaningful reform to financial reporting.

Specifically, if reported information is irrelevant, then it is of no earthly good. All it does is take up space and send the efforts of a great many accountants, managers and financial statement users down the drain. In addition, nothing can ever make irrelevant data useful, especially audits that merely confirm reported amounts.

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