Faithful representation: Difference between revisions
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* [[Neutrality]] | * [[Neutrality]] | ||
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* [[Substance over form]] | * [[Substance over form]] | ||
* [[True and fair view]] | * [[True and fair view]] | ||
Latest revision as of 09:23, 20 April 2023
Financial reporting - accounting concepts.
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.
