Useful financial information: Difference between revisions
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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: | ||
Revision as of 13:50, 29 October 2020
Financial reporting - accounting concepts.
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
