Faithful Representation

Faithful Representation
Faithful representation means that financial information accurately reflects the real-world economic events or conditions it represents. This concept is central to the credibility of financial reports and ensures that information is complete, free from bias, and free from error.
Reliability
The accounting principle that ensures financial information provided by a company is accurate, neutral, and free from material error, making it a faithful representation of the company's financial status.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.