Relevance: Difference between revisions
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imported>Doug Williamson (Create page. Source: IAS Plus webpage https://www.iasplus.com/en/standards/other/framework) |
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''Financial reporting.'' | ''Financial reporting - accounting concepts.'' | ||
Under the IFRS Conceptual Framework, relevant financial information means information that is capable of making a difference in the decisions made by users. | Under the IFRS Conceptual Framework, relevant financial information means information that is capable of making a difference in the decisions made by users. | ||
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== See also == | == See also == | ||
* [[Conceptual framework]] | * [[Conceptual framework]] | ||
* [[ESG Relevance Score]] | |||
* [[Faithful representation]] | * [[Faithful representation]] | ||
* [[Useful financial information]] | * [[Useful financial information]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 02:38, 14 December 2021
Financial reporting - accounting concepts.
Under the IFRS Conceptual Framework, relevant financial information means information that is capable of making a difference in the decisions made by users.
Financial information is capable of making a difference in decisions if it has:
- Predictive value
- Confirmatory value or
- Both.
The predictive value and confirmatory value of financial information are interrelated.
Information must be both relevant and faithfully represented, if it is to be useful.
