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faithful representation

This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.

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August 11, 2021 at 8:17 am #631143
Noah098
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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
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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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