Define: Verifiability

UK Accounting Glossary

Definition: Verifiability


Quick Summary of Verifiability


The principle that the reliability of the financial information provided by a company should be open to confirmation.



What is the dictionary definition of Verifiability?

Dictionary Definition


The state or property of being capable of being verified; confirmability.

Verifiablity is the principle that the reliability (faithful representation) of financial information provided by the company should be open to confirmation.


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Full Definition of Verifiability


Verifiablity is the principle that the reliability (faithful representation) of financial information provided by company should be open to confirmation, i.e. that an independent entity with a reasonable understanding of accounting should be able to examine the same data and arrive at a broadly similar conclusion.

The International Accounting Standards Board’s Conceptual Framework for Financial Reporting recognises verifiability as a qualitative characteristic that enhances the viability and usefulness of financial information.


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Verifiability FAQ's



Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/verifiability/
Modern Language Association (MLA):
Verifiability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 20, 2019 https://payrollheaven.com/define/verifiability/.
Chicago Manual of Style (CMS):
Verifiability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/verifiability/ (accessed: September 20, 2019).
American Psychological Association (APA):
Verifiability. PayrollHeaven.com. Retrieved September 20, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/verifiability/

Definition Sources


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This glossary post was last updated: 4th May 2019.