Useful financial information

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