The concept of timeliness also overlaps with the concept of

'relevance'. This is because if information is provided beyond a

decision timeframe. That information may lose its relevance and

hence the concept of timeliness involves preparing financial

information within a decision timeframe so that there is no undue

delay in the reporting of information. The concept of timeliness

does acknowledge that in attempting to achieve a balance between

relevance and reliability, the major consideration is how best to

satisfy the needs of users in making economic decisions (Wiley,

2015).

According to Walton et.al (2003) Timeliness means that

information is available when needed. Information that is not

timely loses its capacity to influence decisions. Thus, a lack of

timeliness can rob information of relevance that it might

otherwise have had. Predictive value, feedback value and

timeliness are viewed as ingredients of relevant accounting

information.

(If you are reading this, please disregard the link below. It

serves as a part of bibliography.)

https://books.google.com.ph/books?

id=1jlynNfR7SEC&pg=PA74&dq=timeliness+in+accounting&hl=en&sa=X&ve

d=0ahUKEwim0cyd5NnTAhWCGJQKHVIzAmUQ6AEITTAH#v=onepage&q=timelines

s%20in%20accounting&f=false
https://books.google.com.ph/books?

id=hBvWBgAAQBAJ&pg=PA35&dq=timeliness+of+financial+statements&hl=

en&sa=X&ved=0ahUKEwidnaKP5tnTAhVFurwKHfqZC704ChDoAQgfMAA#v=onepag

e&q=timeliness%20of%20financial%20statements&f=false

The periodicity assumption is an accounting guideline that

allows an accountant to divide up the complex, ongoing activities

of a business into set periods of time. The periodicity

assumption is also known as the time period assumption. As

business activities are fluid, a system had to be introduced to

allow for reports to be made in a period of time defined by the

calendar, using sometimes arbitrary cutoff dates, such as the

week, month or quarter. The alternative is to wait for the

activity being measured to cease and then carry out a final

accounting. This is not practical for business owners, the

stockholders or lenders. https://www.reference.com/business-

finance/periodicity-assumption-7e80c2c11681f0b6# (Included in

RRL)

According to Maverick (2016) the assertion of completeness

is an assertion that the financial statements made are thorough

and include every item that should be included in the statement

for a given accounting period. For example, the completeness of

transactions included in a financial statement means that all

transactions included in the statement occurred during the

accounting period that the statement covers, and that all

transactions that occurred during the stated accounting period

are included in the statement. The assertion of completeness also

states that a company's entire inventory, even inventory that may

be temporarily in the possession of a third party, is included in

the total inventory figure appearing on a financial statement.

http://www.investopedia.com/articles/financial-

analysis/063016/what-are-financial-statement-assertions.asp

(The link is part of bibliography)