According to the fasb's conceptual framework, the concept of faithful representation includes how the management presents their financial data with complete, neutral, and free-from error information.
The FASB principles Statements are intended to serve the public interest by using setting the objectives, qualitative traits, and other ideas that manual selection of monetary phenomena to be recognized and measured for economic reporting and their display in monetary statements or associated way of speaking.
In step with the FASB conceptual framework, the objective of economic reporting for business organizations is based totally on the needs of the users of economic statements.
The objective of fashionable purpose outside monetary reporting is to provide financial information approximately the reporting entity this is useful to give and capability traders and lenders in making selections in their potential as capital companies.
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