Relevance ...

I am waiting for my wife to bring home "red curry chicken" ... (special).  Whilst I am waiting ...




Relevance ... one of the qualitative charateristics of the reports.

What do you mean by "qualitative characteristics of the reports Sir?"

Target attributes.  Target attributes.  ???  The qualities we want from the reports (not records).

Relevance has 4 dimensions (sounds impressive! ... these are on the back of K202)

1.  Business entity:  the data must be relevant to the business (not the owner as an individual).
2.  Reporting period:  the data must be relevant to the period of time, reporting period, under consideration.
3.  Scale/size.  Is the scale/size/value/dimension of the data significant?  If so, report it ... because the stakeholders will need that to evaluate the performance of the business.  If not, exclude it ... best example is to exclude cents from the reports ... that will not impact on the decision making by the stakeholders.
4.  Timeliness.   Do the stakeholders get the data in a 'timely' manner?  There is no definition of 'timely'.  Are the reports (1, 2, 3) made available to the stakeholders soon enough so that they can use the information to make an assessment of the performance of the business?