UK Accounting Glossary
An affirmation of fact is a statement of fact or promise made as part of a bargain.
A statement that confirms the details of a contract or transaction is based in fact and is not just an opinion being expressed.
An affirmation of fact is a statement of fact or promise made as part of a bargain. It is a positive assertion of a fact or a statement concerning the subject matter of a transaction, which might otherwise be only an expression of opinion, which is affirmed as an existing fact material to the transaction and reasonably induces the other party to rely upon it as a fact. It usually arises in a claim of a breach of warranty. An affirmation of fact is presumed to be a part of the bargain, and any fact that would remove such affirmation out of the agreement requires clear affirmative proof.
Basically, an affirmation of fact, confirms that a statement is based on facts rather than solely being based on an opinion.
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This glossary post was last updated: 8th December 2019.