Question

According to the IASB Framework for the Preparation and Presentation of Financial Statements, the qualitative characteristic of faithful representation includes

Answer 1

NEUTRALITY, COMPLETENESS AND FREE FROM ERRORS.

Explanation: IASB( International accounting standards board) is board regulating the preparation of accounting Reports or statements. It released its first framework called CONCEPTUAL FRAMEWORK in the year 1989.

The qualities of a faithful conceptual framework by IASB is to guarantee NEUTRALITY, COMPLETENESS AND ENSURE THAT THE STATEMENT IS FREE FROM ERRORS.

This framework will help to prevent disputes and manage standards in preparation of account statements.