Faithful representation: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson m (Amend header.) |
imported>Doug Williamson (Add link.) |
||
| Line 1: | Line 1: | ||
''Financial reporting - accounting concepts.'' | ''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. | Under the IFRS Conceptual Framework, faithful representation means representation of the substance of an economic phenomenon instead of representation of its legal form only. | ||
| Line 15: | Line 14: | ||
* [[Relevance]] | * [[Relevance]] | ||
* [[Substance over form]] | * [[Substance over form]] | ||
* [[True and fair view]] | |||
* [[Useful financial information]] | * [[Useful financial information]] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Revision as of 01:05, 16 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.
