The statement that is false is: Enhancing qualitative characteristics of general purpose financial reports include understandability, objectivity, and comparability.

According to the principles of financial reporting, relevance and faithful representation are indeed fundamental qualitative characteristics. However, understandability, objectivity, and comparability are considered enhancing qualitative characteristics, not fundamental ones. The fundamental qualitative characteristics are relevance and faithful representation, while understandability, verifiability, objectivity, comparability, and timeliness are enhancing characteristics that contribute to the quality of financial information. The full disclosure principle requires that relevant information be disclosed in financial statements to help users make informed decisions.