Understandability - Revision history

Doug: Replace broken link.

2024-12-25T20:35:05Z

Replace broken link.

← Older revision		Revision as of 20:35, 25 December 2024
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	== ~~External links~~ ==		== Other resources ==
	*[https://www.iasplus.com/en/standards/other/framework Conceptual framework for financial reporting - IAS Plus]		*[https://www.iasplus.com/en/standards/other/framework Conceptual framework for financial reporting - IAS Plus]
	*[~~[Media~~:~~IFRS_conceptual~~-framework-~~project~~-~~summary~~.pdf\|IFRS Conceptual Framework ~~Project Summary~~ 2018]]		*[https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/conceptual-framework-for-financial-reporting.pdf IFRS Conceptual Framework 2018]

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

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

imported>Doug Williamson: Update first definition.

2022-03-04T15:48:29Z

Update first definition.

← Older revision		Revision as of 15:48, 4 March 2022
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	1. ''Financial reporting - conceptual framework - qualitative characteristics.''		1. ''Financial reporting - conceptual framework - qualitative characteristics.''

	In financial reporting, understandability is one of the "enhancing" qualitative characteristics, ~~considered to~~ further ~~improve~~ the usefulness of financial information that has already achieved both of the fundamental qualitative characteristics of being ''relevant'' and ''faithfully represented.''		In financial reporting under the conceptual framework, understandability is considered to be one of the "enhancing" qualitative characteristics, that further improves the usefulness of financial information that has already achieved both of the fundamental qualitative characteristics of being ''relevant'' and ''faithfully represented.''

imported>Doug Williamson: Update quote.

2022-03-04T15:43:01Z

Update quote.

← Older revision		Revision as of 15:43, 4 March 2022
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	1. ''Financial reporting - conceptual framework - qualitative characteristics.''		1. ''Financial reporting - conceptual framework - qualitative characteristics.''

	In financial reporting, understandability is one of the "enhancing" qualitative characteristics, considered to further improve the usefulness of financial information that has already achieved the qualitative characteristics of being ~~both~~ ''relevant'' and ''faithfully represented.''		In financial reporting, understandability is one of the "enhancing" qualitative characteristics, considered to further improve the usefulness of financial information that has already achieved both of the fundamental qualitative characteristics of being ''relevant'' and ''faithfully represented.''

imported>Doug Williamson: Add quote - source - IAS Plus - https://www.iasplus.com/en/standards/other/framework

2022-03-04T15:42:08Z

Add quote - source - IAS Plus - https://www.iasplus.com/en/standards/other/framework

New page

1. ''Financial reporting - conceptual framework - qualitative characteristics.''

In financial reporting, understandability is one of the "enhancing" qualitative characteristics, considered to further improve the usefulness of financial information that has already achieved the qualitative characteristics of being both ''relevant'' and ''faithfully represented.''

:<span style="color:#4B0082">'''''Reasonably informed & diligent users'''''</span>

:"Classifying, characterising and presenting information clearly and concisely makes it understandable.

:While some phenomena are inherently complex and cannot be made easy to understand, to exclude such information would make financial reports incomplete and potentially misleading.

:Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information with diligence."

:''Conceptual framework for financial reporting - IASB.''

2. ''Financial markets - other contexts.''

Similar characteristics of information in financial markets more broadly, and in other contexts.

== See also ==
* [[Accounting concepts]]
* [[Accounting reference date]]
* [[Comparability]]
* [[Conceptual framework]]
* [[Economics]]
* [[Faithful representation]]
* [[Financial reporting]]
* [[International Accounting Standards]]
* [[International Accounting Standards Board]] (IASB)
* [[International Financial Reporting Standards]] (IFRS)
* [[Neutrality]]
* [[Prudence]]
* [[Qualitative characteristics of useful financial information]]
* [[Relevance]]
* [[Substance over form]]
* [[Timeliness]]
* [[True and fair view]]
* [[Useful financial information]]
* [[Verifiability]]

== External links ==
*[https://www.iasplus.com/en/standards/other/framework Conceptual framework for financial reporting - IAS Plus]
*[[Media:IFRS_conceptual-framework-project-summary.pdf|IFRS Conceptual Framework Project Summary 2018]]

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