Topic/Case:
In our study of the Conceptual Framework for Financial Reporting (Chapter 2), we noted that Faithful Representation was one of the key qualitative characteristics.
In your report,

Explain the importance of this characteristic,
List the elements that make up Faithful Representation and explain their relevance to today’s accounting environment within a business’ operations.
Explain how it relates to the overall objective of the Conceptual Framework for financial reporting
With respect to the Enron fraud, give one example where this characteristic was violated.

Format: The assignment length should be 2 to 3 pages, excluding cover page and references, with double spacing.