The term 'all washed up' is an idiom often used to describe someone or something that is no longer effective, successful, or relevant.
The principle that the financial information provided by a company should not omit anything material, ensuring the financial statements are comprehensive and useful for decision-making.
The qualitative characteristics of accounting information ensure that financial reports are as useful and accurate as possible, governed by various standards and frameworks in different regions.
The principle that financial information must influence decisions, offering predictive value or confirmation/correction of prior expectations. This concept is vital in both financial reporting and decision-making, encompassing relevant cost and relevant income.
The principle that a company should provide financial information to its users without undue delay, ensuring the data arrives in time to influence economic decisions. Timeliness is critical in maintaining the information's relevance and impact.
