6 Identify the statement that is most accurate. Review Later International Financial Reporting Standards (IFRS) are adopted by the majority of the companies in the United States. Financial information that has confirmatory value provides feedback that either confirms or changes previous evaluations. Financial information is considered a faithful representation if it is complete, timely, and error-free. Understandability of financial information refers to the extent to which similar conclusions can be drawn by independent observers given the same information. Page 6 of 16