Faithful representation: Difference between revisions
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imported>Doug Williamson (Create page. Source: IAS Plus webpage https://www.iasplus.com/en/standards/other/framework) |
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Revision as of 12:00, 17 February 2019
Financial reporting.
Under the IFRS Conceptual Framework, faithful representation means representation of the substance of an economic phenomenon instead of representation of its legal form only.
A faithful representation seeks to maximise the underlying characteristics of completeness, neutrality and freedom from error.
Information must be both relevant and faithfully represented, if it is to be useful.
