Relevance and faithful presentation are important considerations for determining the format to use for the purposes of presenting the statement of financial position.

Question

Quizplus · Accepted Answer

Relevance and faithful presentation are important considerations when presenting the statement of financial position. The chosen format should ensure that the statement is relevant to the needs of its users while accurately and faithfully presenting the financial position of the entity.

Relevance and Faithful Presentation Are Important Considerations for Determining the Format