Keyword Analysis & Research: definition of timeliness in accounting

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Why is timeliness important in accounting?

Importance. Timeliness is important to protect the users of accounting information from basing their decisions on outdated information. Imagine the problem that could arise if a company was to issue its financial statements to the public after 12 months of the accounting period. The users of the financial statements, such as potential investors,...

How to measure timeliness?

Timeliness can be measured as the time between when data is expected and when it is readily available for use.” It’s about Time for Data Quality. Although new prefixes for bytes (giga, tera, peta, exa, zetta, yotta) measure an increase in space, new prefixes for seconds (milli, micro, nano, pico, femto, atto) measure a decrease in time.

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