Useful financial information

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Revision as of 17:08, 4 February 2019 by imported>Doug Williamson (Create page. Source: IFRS Conceptual Framework.)
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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