So what can we expect in the next decade?In this paper, we explore several financial reporting challenges and trends that have emerged over the past few years, focusing on three key qualitative characteristics of useful financial reporting:
- Relevance: Reported information must be relevant to investors and other users as an aid in making decisions based on an entity’s financial position, performance, risks, and business prospects
- Understandability: Financial reports must be clear and avoid unnecessary complexity or inconsistency that may limit the ability of users to comprehend the information
- Timeliness: In today’s fast-moving markets, information must be communicated quickly if it is to be useful in supporting investors’ decisions
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