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Characteristics of reliable accounting information

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Qualities of reliable accounting information are;

  • Understandability - It must be well understood by the parties for which it was prepared for.
  • Relevance - The accounting information should be able to influence the important decisions in the company. It should be verifiable, neutral and truthful
  • Reliability - The accounting information should have differing methods or ways of doing it and yet arrive at the same or similar conclusions.
  • Comparability - The accounting information should be able to compare information from different organization or of the same organization at differing periods.
  • Timely - It must be presented to the party in need at the time of the need.

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