Useful financial information: Difference between revisions
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imported>Doug Williamson (Define usefulness - source - https://www.iasplus.com/en/standards/other/framework) |
imported>Doug Williamson (Add link.) |
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* [[Entity]] | * [[Entity]] | ||
* [[Faithful representation]] | * [[Faithful representation]] | ||
* [[Financial]] | |||
* [[Financial reporting]] | * [[Financial reporting]] | ||
* [[International Accounting Standards]] | * [[International Accounting Standards]] | ||
Latest revision as of 22:43, 11 March 2023
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.
Under the IFRS Conceptual Framework it is fundamental 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
- Accounting concepts
- Comparability
- Conceptual framework
- Entity
- Faithful representation
- Financial
- Financial reporting
- International Accounting Standards
- International Accounting Standards Board (IASB)
- International Financial Reporting Standards (IFRS)
- Neutrality
- Prudence
- Relevance
- Stewardship
- Substance over form
- Timeliness
- True and fair view
- Understandability
- Verifiability
