Useful financial information: Difference between revisions
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imported>Doug Williamson (Create page. Source: IFRS Conceptual Framework.) |
imported>Doug Williamson (Remove surplus links.) |
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Under the IFRS Conceptual Framework it is | Under the IFRS Conceptual Framework it is fundamental that financial information: | ||
*Is '''relevant'''; and | *Is '''relevant'''; and | ||
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* [[Conceptual framework]] | * [[Conceptual framework]] | ||
* [[Entity]] | * [[Entity]] | ||
* [[International Financial Reporting Standards]] (IFRS) | * [[International Financial Reporting Standards]] (IFRS) | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
Revision as of 17:45, 4 February 2019
Financial reporting.
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
