Under IFRS, Which of the Following Characteristics Is Included in "Faithful

question 21

Multiple Choice

Under IFRS, which of the following characteristics is included in "faithful representation"?

• A)Conservatism
• B)Predictive value
• C)Neutrality
• D)Understandability

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Definitions:

Consideration

In a contractual agreement, it is the value or promise that each party agrees to exchange.

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.

Adequacy Of Consideration

The principle that the value exchanged in a contract must be fair and reasonable to both parties involved.