IFRS financial statements come in various shapes and sizes, but they all have certain features in common. Information in IFRS financial statements has these characteristics:
Relevance: So that it makes a difference to the decisions about a company made by users of the statements.
Faithful representation: Financial statements are complete and free from bias and error.
Comparability: You can compare financial statements from one period to the next or for two companies in the same industry so that you can make informed decisions about the companies.
Verifiability: Different people could reach the same decision based on the information, but not necessarily reach complete agreement.
Timeliness: You make information available to users in good time. Historical information quickly becomes out of date.
Understandability: You present and classify information clearly and concisely to make it understandable to users.
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Source:http://www.dummies.com/how-to/content/knowing-the-characteristics-of-ifrs-statements.html
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