Verifiability
From ACT Wiki
1. Financial reporting - conceptual framework.
In financial reporting, verifiability helps to assure users that information represents faithfully the economic phenomena it purports to represent.
Verifiability means that different knowledgeable and independent observers could reach consensus - although not necessarily complete agreement - that a particular depiction is a faithful representation.
2. Financial markets - other contexts.
Similar characteristics of information in financial markets more broadly, and in other contexts.
See also
- Accounting concepts
- Audit
- Audit trail
- Comparability
- Conceptual framework
- Effective annual rate
- Faithful representation
- Financial reporting
- International Accounting Standards
- International Accounting Standards Board (IASB)
- International Financial Reporting Standards (IFRS)
- Neutrality
- Prudence
- Qualitative characteristics of useful financial information
- Relevance
- Substance over form
- Timeliness
- True and fair view
- Understandability
- Useful financial information
