Faithful presentation is one on the two primary fundamental qualitative characteristics for financial information to be useful.According to the IASB Conceptual Framework a financial report is faithfully presented if it is:
A) consistent, free from bias and free of material error.
B) accurate, free from bias and free of material error.
C) complete, neutral and free of material error.
D) reliable, neutral and free of material error.

Question

Quizplus · Accepted Answer

According to the IASB Conceptual Framework, for financial information to be considered faithfully presented, it must be complete, neutral, and free of material error. This ensures that the information accurately represents the financial position and performance of the entity without being misleading or biased.

Faithful Presentation Is One on the Two Primary Fundamental Qualitative