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faithful representation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › faithful representation

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • August 11, 2021 at 8:17 am #631143
    Noah098
    Member
    • Topics: 935
    • Replies: 352
    • ☆☆☆☆☆

    sir even if there is high degree of measurement uncertainty we can still recognise that item provided we are giving sufficient comprehensive disclosure, right?

    Or that it because that item’s recognition will not provide faithful representation we will not recognise that item at all?

    August 11, 2021 at 8:35 am #631149
    Stephen Widberg
    Keymaster
    • Topics: 17
    • Replies: 3444
    • ☆☆☆☆☆

    Judgement call – remember that the Framework is theoretical so in reality we would use appropriate accounting standard.

    I would lean towards not recognising something that I cannot faithfully represent.

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