CPD and Faithful representation: Difference between pages
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''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. | |||
== See also == | == See also == | ||
* [[ | * [[Conceptual framework]] | ||
* [[ | * [[Neutrality]] | ||
* [[Relevance]] | |||
* [[Substance over form]] | |||
* [[True and fair view]] | |||
* [[Useful financial information]] | |||
[[Category:Accounting,_tax_and_regulation]] | |||
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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.