Verifiability: Difference between revisions
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Verifiability means that different knowledgeable and independent observers could reach consensus - although not necessarily complete agreement - that a particular depiction is a faithful representation. | Verifiability means that different knowledgeable and independent observers could reach consensus - although not necessarily complete agreement - that a particular depiction is a faithful representation. | ||
In financial reporting under the conceptual framework, verifiability 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.'' | |||
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== | == 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] | ||
*[ | *[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]] | ||
Latest revision as of 20:35, 25 December 2024
1. Financial reporting - conceptual framework.
In financial reporting, verifiability helps to assure users that information represents faithfully the economic phenomena it purports to represent.
Verifiability means that different knowledgeable and independent observers could reach consensus - although not necessarily complete agreement - that a particular depiction is a faithful representation.
In financial reporting under the conceptual framework, verifiability 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.
2. Financial markets - other contexts.
Similar characteristics of information in financial markets more broadly, and in other contexts.
See also
- Accounting concepts
- Audit
- Audit trail
- Comparability
- Conceptual framework
- Effective annual rate
- 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
- Understandability
- Useful financial information
