ACCA FR Syllabus A. The Conceptual And Regulatory Framework - Verifiability, Timeliness & Understandability - Notes ^{7 / 8}

Let's look in more detail..

• Verifiable

  This allows independent observers to agree that a transaction is faithfully represented

• Timely

  Timeliness means that information is available to decision-makers in time to be capable of influencing their decisions

• Understandable

  Understandability is enhanced when the information is:
  1. classified
  2. characterised
  3. presented clearly and concisely

Complex info is not left out just because it is hard to understand

If it is relevant..it's relevant!

Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who review and analyse the information with diligence