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Accounting conventions

This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.

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July 21, 2018 at 9:52 pm #464183
zony123
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Sir can you please tell me what is the difference between faithful representation and fair presentation?
July 22, 2018 at 9:35 am #464207
John Moffat
Keymaster
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Faithful representation is truthfully/accurately showing the effect of transactions and events.
Fair presentation includes this but also that the statements comply with accounting standards and give a true and fair view of the state of the business.
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