International financial reporting standards. Fundamentals of IFRS. Gradual replacement IAS

Fundamentals of IFRS. Gradual replacement IAS (International Accounting Standards) on IFRS.
Purpose –
Introduction clear (transparent) financial information for investors (actual and potential)

Transparency of financial reporting.
The primary purpose of the financial statements
To provide fair presentation of:
financial position,
financial condition.
cash flows.
Fair presentation:
fair presentation due to useful information (full disclosure),
fair presentation means transparent.
Secondary objectives of the financial statements :
Fix the transparency through fair presentation of useful information (full disclosure) for decision-making purposes.

Signs of useful information
The relevance:
pithiness
Importance
Reliability:
Fair representation
Substance over form
Objectiveness
Caution
Completeness
Comparability
Comprehensibility
Interconnectivity
Timeliness
Benefits and costs:
balance of quality characteristics