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The Australian Conceptual Framework requirement that standard setters have to take into account the economic consequences of their decisions is examined, particularly in relation to the possibility that qualitative criteria like representational faithfulness might have to be sacrificed in doing so. The claim that the need for such a sacrifice does not arise because representational faithfulness is a notion which cannot be usefully applied to the evaluation of accounting information is analysed and found wanting. Problems associated with requiring standard setters to consider economic consequences are shown to be manageable only after the ethical implications of their task are identified and assessed.