👉 Timeliness is a concept in accounting and finance that refers to the degree to which a financial transaction or event occurs within a specified period of time, typically defined as one year. Timely transactions are those that occur during the agreed-upon timeframe, while late transactions may occur at any point between these two periods. In terms of time, timeliness is crucial for ensuring accurate and timely financial reporting, as it helps in identifying potential issues before they become major problems. Timeliness also plays a significant role
