The AASB Conceptual Framework (2.12-2.19) refers to faithful representation as being necessary for financial information to be useful. This section of the AASB Conceptual Framework also makes reference to neutrality (eg. 2.16). Define what is meant by faithful representation and neutrality. Do you believe it is possible for financial reports to be 'representationally faithful' and 'neutral'? Justify your position. In your response, evaluate why you think the IASB (and AASB) include these terms within the Conceptual Framework.

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