How can the enhancing characteristic timeliness be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the enhancing characteristic could be improved.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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How can the enhancing characteristic timeliness be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the enhancing characteristic could be improved.

Please provide different answers and explanations than copy and pasting:

“Timeliness matters for accounting information because it competes with other information. For example, if a company issues its financial statements a year after its accounting period, users of financial statements would find it difficult to determine how well the company is doing in the present.”

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Accounting information is the information which is used by the stakeholders of the company to take necessary decisions. This information is relevant, accurate, depends upon time, verified and understandable etc. These are prepared by chartered accountants, accounting professionals etc.

 

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