PART B: THE QUALITATIVE CHARACTERISTICS OF FINANCIAL INFORMATION
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3.3.3 Timeliness
'
Timeliness
. Timeliness means having information available to decision-makers in time to be capable of
influencing their decisions. Generally, the older information is the less useful it is.'
(Conceptual Framework for Financial Reporting 2018, para. 2.33)
Information may become less useful if there is a delay in reporting it. There is a balance between
timeliness and the provision of reliable information.
If information is reported on a timely basis when not all aspects of the transaction are known, it may not
be complete or free from error.
Conversely, if every detail of a transaction is known, it may be too late to publish the information
because it has become irrelevant. The overriding consideration is how best to satisfy the economic
decision-making needs of the users.
3.3.4 Understandability
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