Friday, August 21, 2015

Maximize Perfection

"Financial information must faithfully represent the phenomena that it purports to represent. To be a perfectly faithful representation, a depiction would have three characteristics:
  1. Complete
  2. Neutral
  3. Free from error
Of course, perfection is seldom, if ever, achievable. The FASB's objective is to maximize those qualities to the extent possible."

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