Useful financial information - Revision history

imported>Doug Williamson: Add link.

2023-03-11T22:43:24Z

Add link.

← Older revision		Revision as of 22:43, 11 March 2023
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	* [[Entity]]		* [[Entity]]
	* [[Faithful representation]]		* [[Faithful representation]]
			* [[Financial]]
	* [[Financial reporting]]		* [[Financial reporting]]
	* [[International Accounting Standards]]		* [[International Accounting Standards]]

imported>Doug Williamson: Define usefulness - source - https://www.iasplus.com/en/standards/other/framework

2022-03-04T10:54:30Z

Define usefulness - source - https://www.iasplus.com/en/standards/other/framework

← Older revision		Revision as of 10:54, 4 March 2022
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	''Financial reporting - accounting concepts.''		''Financial reporting - accounting concepts.''

			Useful financial information is information likely to be useful to users in making decisions about a financial reporting entity on the basis of information contained in its financial report.


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	== See also ==		== See also ==
			* [[Accounting concepts]]
			* [[Comparability]]
	* [[Conceptual framework]]		* [[Conceptual framework]]
	* [[Entity]]		* [[Entity]]
	* [[Faithful representation]]		* [[Faithful representation]]
	* [[Financial reporting]]		* [[Financial reporting]]
	* [[International Financial Reporting Standards]] (IFRS)		* [[International Accounting Standards]]
			* [[International Accounting Standards Board]] (IASB)
			* [[International Financial Reporting Standards]] (IFRS)
			* [[Neutrality]]
			* [[Prudence]]
	* [[Relevance]]		* [[Relevance]]
			* [[Stewardship]]
			* [[Substance over form]]
			* [[Timeliness]]
			* [[True and fair view]]
			* [[Understandability]]
			* [[Verifiability]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:The_business_context]]		[[Category:The_business_context]]

imported>Doug Williamson: Amend header.

2020-10-29T13:50:42Z

Amend header.

← Older revision		Revision as of 13:50, 29 October 2020
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	''Financial reporting.''		''Financial reporting - accounting concepts.''


	Under the IFRS Conceptual Framework it is fundamental that financial information:		Under the IFRS Conceptual Framework it is fundamental that financial information:

imported>Doug Williamson: Add links.

2019-02-17T11:46:49Z

Add links.

← Older revision		Revision as of 11:46, 17 February 2019
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	* [[Conceptual framework]]		* [[Conceptual framework]]
	* [[Entity]]		* [[Entity]]
			* [[Faithful representation]]
	* [[Financial reporting]]		* [[Financial reporting]]
	* [[International Financial Reporting Standards]] (IFRS)		* [[International Financial Reporting Standards]] (IFRS)
			* [[Relevance]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:The_business_context]]		[[Category:The_business_context]]

imported>Doug Williamson: Add link to header.

2019-02-06T09:23:16Z

Add link to header.

← Older revision		Revision as of 09:23, 6 February 2019
Line 18:		Line 18:
	* [[Conceptual framework]]		* [[Conceptual framework]]
	* [[Entity]]		* [[Entity]]
			* [[Financial reporting]]
	* [[International Financial Reporting Standards]] (IFRS)		* [[International Financial Reporting Standards]] (IFRS)

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:The_business_context]]		[[Category:The_business_context]]

imported>Doug Williamson: Layout.

2019-02-04T17:46:04Z

Layout.

← Older revision		Revision as of 17:46, 4 February 2019
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	''Financial reporting.''		''Financial reporting.''


	Under the IFRS Conceptual Framework it is fundamental that financial information:		Under the IFRS Conceptual Framework it is fundamental that financial information:

imported>Doug Williamson: Remove surplus links.

2019-02-04T17:45:46Z

Remove surplus links.

← Older revision		Revision as of 17:45, 4 February 2019
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	''~~International~~ Financial ~~Reporting Standards (IFRS) - Conceptual Framework~~.''		''Financial reporting.''


	Under the IFRS Conceptual Framework it is ~~fundamentally important~~ that financial information:		Under the IFRS Conceptual Framework it is fundamental that financial information:

	*Is '''relevant'''; and		*Is '''relevant'''; and
Line 19:		Line 19:
	* [[Conceptual framework]]		* [[Conceptual framework]]
	* [[Entity]]		* [[Entity]]
	* [[Faithful representation]]
	* [[International Financial Reporting Standards]] (IFRS)		* [[International Financial Reporting Standards]] (IFRS)
	* [[Relevance]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:The_business_context]]		[[Category:The_business_context]]

imported>Doug Williamson: Create page. Source: IFRS Conceptual Framework.

2019-02-04T17:08:05Z

Create page. Source: IFRS Conceptual Framework.

New page

''International Financial Reporting Standards (IFRS) - Conceptual Framework.''

Under the IFRS Conceptual Framework it is fundamentally important that financial information:

*Is '''relevant'''; and
*'''Faithfully represents''' the substance of what it is supposed to be representing.

When both relevance and faithful representation are achieved, then the following will further enhance the usefulness of the financial information:

*Comparability
*Verifiability
*Timeliness
*Understandability

== See also ==
* [[Conceptual framework]]
* [[Entity]]
* [[Faithful representation]]
* [[International Financial Reporting Standards]] (IFRS)
* [[Relevance]]

[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]