Timeliness: Difference between revisions
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1. ''Financial reporting - conceptual framework.'' | 1. ''Financial reporting - conceptual framework.'' | ||
In financial reporting, timeliness means that information is available to decision-makers in time to be capable of influencing their decisions. | In financial reporting, timeliness means that information is available to decision-makers in sufficiently good time to be capable of influencing their decisions. | ||
The sooner after the accounting reference date that information is published, the more likely it is to be timely enough to be useful. | The sooner after the accounting reference date that information is published, the more likely it is to be timely enough to be useful. | ||
In financial reporting under the conceptual framework, timeliness 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.'' | |||
Latest revision as of 18:39, 5 March 2022
1. Financial reporting - conceptual framework.
In financial reporting, timeliness means that information is available to decision-makers in sufficiently good time to be capable of influencing their decisions.
The sooner after the accounting reference date that information is published, the more likely it is to be timely enough to be useful.
In financial reporting under the conceptual framework, timeliness 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 other contexts.
See also
- Accounting concepts
- Accounting reference date
- Comparability
- Conceptual framework
- 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
- True and fair view
- Understandability
- Useful financial information
- Verifiability
