some theorist contend that companies that create pollition should report cost of that pollution in income statements. they argue that such companies are indirectly subsidized as the cost of pollition is borne by society while only production cost are shown in the income statement. thus, the product sells for less that would be necessary if all costs were included.

my mission is to explain how the concepts of relevance and faithful representation relte to this issue.

its for a discussion board, it requires me about a 500 words answer.

Communication Case 1-5 Relevance and representational faithfulness L01-7 Some theorists contend that companies that create pollution should report the social cost of that pollution in income statements. They argue that such companies are indirectly subsidized as the cost of pollution is borne by society while only production costs and perhaps minimal pollution fines) are shown in the income statement. Thus, the product sells for less than would be necessary if all costs were included. Assume that the FASB is considering a standard to include the social costs of pollution in the income statement. The process would require considering both relevance and faithful representation of the information produced by the new standard. Your instructor will divide the class into two to six groups depending on the size of the class. The mission of your group is to explain how the concepts of relevance and faithful representation relate to this issue