QUALITATIVE CHARACTERISTICS OF FINANCIAL INFORMATION PRESENTED IN FINANCIAL STATEMENTS ACCORDING TO IFSR/IAS VERSUS THE INFORMATION FUNCTION - CONTRIBUTION TO THE DISCUSSION

In the work the qualitative characteristics of financial information presented in financial statements, as adopted and interpreted in the Conceptual Framework for Financial Reporting in 2008 and 2010, have been subjected to critical analysis. Doubts and concerns regarding the emphasis placed on financial information usefulness for decision-making purposes as an overriding characteristic have been presented. The concept of financial information usefulness for decision-making purposes from the point of view of the users' interests has been analysed. It has been pointed out that adding further details to financial statements and allowing the application of multiple variants makes it difficult to use them in practice, also for such users as private investors. Threats related to data comparability limitation and the resulting consequences have been pointed out. The necessity to highlight the reliability and credibility of infancial information in order to enhance the users and societies' trust for financial reporting and the whole accounting system has been empahsised.