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Why standard setters to refer to faithful representation

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Problem 1: The AASB Conceptual frameworks includes several qualitative criteria that financial information should possess if it is to be useful to decision making. Chapter 2 (2.12-2.19) for example refers to 'faithful representation', with neutrality (2.15-2.16) being one of the key components of 'faithful representation'. In your opinion, is it really possible for financial information to ever be neutral and/or representationally faithful? In your discussion you should critically evaluate why standard setters choose to refer to 'faithful representation' and 'neutrality' within conceptual frameworks.

Reference no: EM132835394

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