Your assistant has been reading the IASBs Frame work for the Preparation and Presentation of Financial Statements (the Framework) and, as part of the qualitative characteristics of financial statements under the heading of relevance, he notes that the predictive value of information is considered important. He is aware that financial statements are prepared historically (ie after transactions have occurred) and offers the view that the predictive value of financial statements would been hance difforward- looking information (forexample, forecasts) were published rather than backward-looking historical statements.

Required By the use of specific examples, provide an explanation to your assistant of how IFRS presentation and disclosure requirement s can assist the predictive role of historically prepared financial statements