Question

Timely information, even if it is not cent percent reliable is better than reliable information which is late. Comment on this statement by quoting the accounting principle.

Answer 1

‘Timeliness principle’:-

Timeliness implies that the financial statements are to be prepared and published in time. The relevance, dependability, and utility of the financial information depends on the timely publication of financial statements. The users of financial statements need timely information.