Faithful representation is one of the qualitative characteristics of financial information, as outlined in the conceptual framework for financial reporting. It refers to the extent to which financial information accurately reflects the underlying economic reality of transactions and events.

In order to have faithful representation, financial information must be:

1. Complete: Financial information must include all the relevant information necessary for a user to understand the underlying transaction or event. This includes both quantitative and qualitative information.
2. Neutral: Financial information must be free from bias, and should not be presented in a way that is intended to influence the economic decisions of users.
3. Free from material error: Financial information must be free from errors that could materially affect the interpretation of the information. Material errors are those that could change the economic decisions of users.

Overall, faithful representation is important in ensuring that financial information accurately reflects the underlying economic reality of transactions and events. Financial statements that have faithful representation can provide users with a clear understanding of an entity's financial position and performance, which can help users make informed economic decisions.