Timeliness is one of the qualitative characteristics of financial information, as outlined in the conceptual framework for financial reporting. Timeliness refers to the availability of financial information in a timely manner, so that it can be used in making economic decisions.

In order to be timely, financial information must be available to users when it is needed. This means that financial information should be prepared and presented as soon as possible after the end of the reporting period, so that users can make informed decisions about investments, lending, or other economic activities.

Timeliness is important for several reasons:

1. It allows users to make informed decisions in a timely manner. If financial information is available in a timely manner, users can make informed decisions about investments, lending, or other economic activities.
2. It enhances the relevance of financial information. If financial information is available in a timely manner, it is more likely to be relevant to the economic decisions being made by users.
3. It promotes transparency and accountability in financial reporting. If financial information is available in a timely manner, entities are more likely to provide accurate and complete information about their financial position and performance.

Overall, timeliness is an important qualitative characteristic of financial information, as it helps to ensure that financial reporting is relevant, reliable, and timely, and that users have the information they need to make informed economic decisions.