SFAC No. 8 included the true and fair view in the qualitative characteristics of accounting.

Question

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SFAC No. 8, issued by the Financial Accounting Standards Board (FASB), focuses on the conceptual framework for financial reporting and outlines the qualitative characteristics of useful financial information, but it does not specifically include the phrase "true and fair view" in its qualitative characteristics. The concept of a "true and fair view" is more commonly associated with international and European accounting standards.

SFAC No 8 Included the True and Fair View in the the Qualitative