by
Faisal Roohi , Head of Clinical Operations , DRK Pharma Solutions GmbH
Relevance: The information recorded must be relevant to the decision-making process of users of the financial statements. This means that the information must be capable of influencing decisions.
Reliability: The information recorded must be reliable, meaning that it must be free from error and bias. This includes ensuring that the information is complete, accurate, and verifiable.
Understandability: The information recorded must be understandable to users of the financial statements. This means that the information must be presented in a clear and concise manner.
Comparability: The information recorded must be comparable to the information of other economic units. This means that the information must be prepared using consistent methods and assumptions.
Materiality: The information recorded must be material, meaning that it is important enough to influence the decisions of users of the financial statements.
