Qualitative characteristics of useful financial information: Difference between revisions

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imported>Doug Williamson
(Create page - source - IAS Plus - https://www.iasplus.com/en/standards/other/framework)
 
imported>Doug Williamson
(Italicize conceptual)
 
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''Financial reporting - International Financial Reporting Standards (IFRS) - Conceptual Framework for Financial Reporting (Conceptual framework) - International Accounting Standards Board (IASB).''
''Financial reporting - International Financial Reporting Standards (IFRS) - Conceptual Framework for Financial Reporting (Conceptual framework) - International Accounting Standards Board (IASB).''


The financial reporting Conceptual framework identifies the fundamental qualitative characteristics of useful financial information as:
The financial reporting ''conceptual framework'' identifies the fundamental qualitative characteristics of useful financial information as:


*Relevance, and
*Relevance, and
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The Conceptual framework goes on to identify the following further characteristics as enhancing the usefulness of relevant and faithfully represented financial information:
The conceptual framework goes on to identify the following further characteristics as enhancing the usefulness of relevant and faithfully represented financial information:


*Comparability
*Comparability
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*[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]
*[[Media:IFRS_conceptual-framework-project-summary.pdf|IFRS Conceptual Framework Project Summary 2018]]
*[[Media:IFRS_conceptual-framework-project-summary.pdf|IFRS Conceptual Framework Project Summary 2018]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Latest revision as of 18:46, 5 March 2022

Financial reporting - International Financial Reporting Standards (IFRS) - Conceptual Framework for Financial Reporting (Conceptual framework) - International Accounting Standards Board (IASB).

The financial reporting conceptual framework identifies the fundamental qualitative characteristics of useful financial information as:

  • Relevance, and
  • Faithful representation.


The conceptual framework goes on to identify the following further characteristics as enhancing the usefulness of relevant and faithfully represented financial information:

  • Comparability
  • Verifiability
  • Timeliness, and
  • Understandability.


See also


External links

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