Requirement for fair presentation
Financial statements are meant to fairly present the financial position, financial performance and cash flows of an entity. Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the IASB’s Framework for the Preparation and Presentation of Financial Statements. The application of IFRS, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation (IAS 1:15).
Insight – True and fair |
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