FINANCIAL REPORTS AS ACCOUNTING PRODUCTS
Journal Title: FBIM Transactions - Year 2017, Vol 0, Issue 1
Abstract
In the information era, companies believe that their success or failure is increasingly dependent on the use and management of information. Information era has an impact on accounting, too. Financial statements represent the final stage of processing accounting data and appear as holders of accounting information. The main objective of financial statements is related to relevant and reliable information users of financial position and business performance. The subject of this research work concerns the identification of interdependencies of information from a set of financial statements as the product of accounting in accordance with the needs of enterprise management, and other stakeholders, users of financial statements. In this context, the basic components contributing to improving the quality of the mentioned relationship are determined. The quality of financial statements primarily depends on how the information contained therein can meet the needs of internal users (usually management) and external users (primarily investors and creditors) in terms of their relevance, understandability, reliability, and comparability. Mentioned data are contained in a financial statement of which stand out as the basic balance sheet and income statement. The paper indicates that for management purposes, two mentioned reports are two ways by which can give an illustration of the company in terms of the operation flow in a particular period of time and in terms of position or status of the company at a given point of time. Accordingly, the well-informed means that the financial statements are established and presented with all relevant information that may be of significant impact for the needs of enterprise management, and future decisions of investors and other users.
Authors and Affiliations
Danijela Zubac, Olgica Brzaković Kadrić
Keywords
Related Articles
- EP ID EP330970
- DOI 10.12709/fbim.05.05.01.15
- Views 76
- Downloads 0
TERRORIST ORGANIZATIONS IN SYRIA
For the past hundred years, Syria has been a synonym for turbulent events, political turmoil, and wars, so we can say that the current situation that has hit Syria is not surprising. The conflict that began in the form o...
CHALLENGE OF THE ABUSE OF INFORMATION TECHNOLOGIES FOR PUBLIC INFORMATION
In this article, we view public information as a process of making available data and information through their distribution, primarily in cyberspace. Given that information is the fundamental right of every individual a...
RELIABILITY MODELING OF COMPLEX TECHNICAL SYSTEMS IN INDUSTRY, SSA CONCEPT
The paper presents problems related to the modeling of complex technical systems in the industry but also odds to troubleshoot via Split System Approach concept. The aim is to show the benefits of applying the concept of...
THE UNAUTHORIZED PROCESSING OF PERSONAL DATA AND MISDEMEANOR LIABILITY UNDER THE LAW OF PERSONAL DATA PROTECTION
The protection of personal data due to significant technological breakthroughs and the growing use of social networks, online services and similar modern conveniences is becoming increasingly difficult, both in the liter...
SIGNIFICANCE AND VALUE OF BUSINESS INFORMATION AND MEASURES OF PROTECTION IN THE INDUSTRIAL ESPIONAGE
The world is full of data and information that has value in the business world. We always want to get information, but we cannot always have them at a crucial moment when we need them. The information can depend on the b...