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Meaning

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Meaning

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • September 27, 2017 at 7:55 am #408728
    Anonymous
    Inactive
    • Topics: 1
    • Replies: 0
    • ☆

    Dear Sir
    I want to understand the meaning of relevance ,reliability ,comparability and how they make the financial information useful?

    September 27, 2017 at 8:12 am #408736
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23331
    • ☆☆☆☆☆

    I could put all sorts of information into this reply of mine … for example, I could inform you that my home football team beat Oxford United last evening by a 3 – 0 scoreline whereas in the equivalent fixture last year Oxford United beat my team by a 2 – 3 scoreline

    But is that information relevant? Almost certainly not

    Is that information reliable? Can you put some faith in believing the truth of the 3 – 0 scoreline?

    Well, in this case, yes you can

    Is the same information comparable? Well, again, yes it is

    But is any of this at all relevant to your interpretation of the contents of a set of financial statements?

    Clearly not. So, anything that IS contained within a set of financial statements should be relevant, should be reliable and should be comparable if the financial information within those financial statements is to be considered useful

    OK?

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