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One of the principal problems of SFAC Nos. 2 and 8 is whether, relative to drafting accounting standards, representational faithfulness should predominate over economic consequences

One of the principal problems of SFAC Nos. 2 and 8 is whether, relative to drafting accounting standards, representational faithfulness should predominate over economic consequences or the reverse. State the case as carefully as you can for each of the two possibilities.

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