Question

Explain faithful presentation as qualitative characteristics of accounting info.
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Answer 1

Answer:

Faithful representation is the second fundamental qualitative characteristic espoused in the IASB (2008) framework. According to IASB (2008), to faithfully represent economic phenomena which the information purports to represent, annual reports must be complete, neutral, and free from material error.

Explanation:

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Answer 2

Answer:

The fundamental qualitative characteristics:

The fundamental qualitative characteristics:Relevance – financial information is regarded as relevant if it is capable of influencing the decisions of users. Faithful representation – this means that financial information must be complete, neutral and free from error