Reliability

1. In order for information to be reliable, financial statement users must be able to reasonably depend on it to be free from error and bias and to be faithfully representative of what it claims to represent. Under the FASB Conceptual Framework, the quality of reliability has three subcategories: neutrality, representational faithfulness, and verifiability (VRFN mnemonic). See also relevance and neutrality and representational faithfulness and verifiability. The quality of information that assures that information is reasonably free from error and bias and faithfully represents what it purports to represent.