ESSENTIALS OF FINANCIAL STATEMENTS
ESSENTIALS OF FINANCIAL
STATEMENTS
(i)
Factual Information: Financial Statements should disclose the factual information about
the financial position of the company'.
(ii) Understandability: Financial
Statements should be prepared following the accepted accounting principles for
better understanding of the users.
(iii) Comparable: Financial
Statements should disclose the information in a manner that the user can
compare the information of the same entity over years (intra-firm comparison)
and also compare the reporting company's financial information with that of others
(inter-firm comparison).
(iv) Verifiable: Information
disclosed by the Financial statements should be verifiable from records of the
company.
(v) Relevant: Information disclosed
by the Financial Statements should be in accordance with legal requirements. It
is so because they are considered relevant to the user' having been set after
thorough public debate.
(vi) Timeliness: Financial
Statements should be prepared and presented within a reasonable period after
the accounting period is over. Financial Statements may lose their relevance
because of undue delay caused in the release of such information.
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