Answer:
A) It meets the definition of relevance and faithful representation.
Explanation:
According to IASB Framework, an asset or liability is recognised only if recognition of that asset or liability and of any Ā resulting income, expenses or changes in equity provides users of financial statements:
a) Relevant information about the asset or liability and about any resulting income, expenses or Ā change in equity
b) A faithful representation of the asset or liability and of any resulting income, expenses or Ā changes in equity.
So based on the above discussion, the answer is A) It meets the definition of relevance and faithful representation.
The IASB framework has been capable of providing a relevant and faithful representation to the financial statement. Thus, option A is correct.
The International Accounting Standards Board (IASB) had issued the documentation that has been dealing with the financial statement in the year 1989. The framework has been helpful in providing the format for the external users.
The framework provides the assets and liabilities to the consumers when there have been the presence of relevant and faithful information for the income source,
Thus, the IASB framework has been capable of providing a relevant and faithful representation to the financial statement. Thus, option A is correct.
For more information about the IASB framework, refer to the link:
https://brainly.com/question/4787717
