Faithful representation is a fundamental qualitative characteristic of financial information, as defined by the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP). It means that the financial information accurately reflects the economic reality of the transactions and events it represents. To achieve faithful representation, financial information should meet three key attributes: 1. **Completeness**: All necessary information must be included for users to understand the financial position and performance.
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