Question
The AASB Conceptual frameworks includes several qualitative criteria that financial information should possess if it is to be useful to decision making. Chapter 2 (2.12-2.19)
The AASB Conceptual frameworks includes several qualitative criteria that financial information should possess if it is to be useful to decision making. Chapter 2 (2.12-2.19) for example refers to faithful representation, with neutrality (2.15-2.16) being one of the key components of faithful representation. In your opinion, is it really possible for financial information to ever be neutral and/or representationally faithful? In your discussion you should critically evaluate why standard setters choose to refer to faithful representation and neutrality within conceptual frameworks.
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