Business, Legal & Accounting Glossary
The principle that the reliability of the financial information provided by a company should be open to confirmation.
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.
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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This glossary post was last updated: 7th January, 2020 | 265 Views.