Relevance: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Create page. Source: IAS Plus webpage https://www.iasplus.com/en/standards/other/framework) |
imported>Doug Williamson m (Add category.) |
||
| Line 21: | Line 21: | ||
* [[Faithful representation]] | * [[Faithful representation]] | ||
* [[Useful financial information]] | * [[Useful financial information]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Revision as of 09:35, 13 March 2019
Financial reporting.
Under the IFRS Conceptual Framework, relevant financial information means information that is capable of making a difference in the decisions made by users.
Financial information is capable of making a difference in decisions if it has:
- Predictive value
- Confirmatory value or
- Both.
The predictive value and confirmatory value of financial information are interrelated.
Information must be both relevant and faithfully represented, if it is to be useful.
