Homework Answers
| ANSWER: c. ii& iv |
| regarding ii.the concept "faithful representation" does not require informations to be accurate, but to include all details ,such as not to weaken the usefulness of the informations contained , conveyed with the most relevant estimates possible--free from natural biases of the management and ordinary human errors. |
| regarding iv.the IASB felt that faithful representation ,included in its meaning that economic substance of the informations is an inbuilt pre-requisite for its legal documentation & the latter cannot hold true , where the former is violated. |
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