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Unformatted text preview: The information must be representational faithfulness which means the numbers and descriptions match what really happened within the company. And finally the information must be neutral, which means that the company can not select information to favor one set of interested parties over another. Unbiased information must be the overriding consideration. Conclusion NM can not present the financial statement which is most useful to itself because of the neutrality. The information must be neutral and presented in an unbiased method not favoring one user over another. The information must be verifiable and faithful in its representation. References Accounting Standards codification . (n.d.). Retrieved April 6, 2011, from http://asc.fasb.org Intermediate Accounting 12e. (2008). Hoboken: John Wiley & Sons Inc. Pg 32 in Intermediate book – cite correctly...
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This note was uploaded on 08/28/2011 for the course ACC Capstone taught by Professor X during the Spring '11 term at Strayer.
- Spring '11