Useful financial information

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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


See also