Essential Attributes of the Accounting Information in Applying The Financial Reporting Differences Between Ifrs and us Gaap

Open access

Abstract

In the context of the development of information, the main role of financial reporting is threatened by alternative sources of information that users use. However, the main source of information for decision-makers remain the accounting information relaxed from synthesis financial reporting, because the legal framework prescribes mandatory minimum information and a set of quality certification mechanisms thereof. As a starting point in our research we used relevant studies from the scientific literature regarding the understanding of the accounting information in financial reporting. We specify that many authors place the accounting information in the perimeter of the objectivity and the accuracy, which is essential in making economic decisions by the leadership. Thus, in support of decisionmakers, accountants apply professional judgment (judgment of International Financial Reporting Standards), taking decisions in terms of the use of accounting treatments to achieve a quality of financial reporting information. The contents of the article have been reported not only attributes on accounting information provided by IFRS, but also aspects of US GAAP regarding financial reporting, presenting the differentiation between the two accounting referential. We note that the accounting information can be the best friend of actual and potential investors if used properly understood

1. Belverd E., Needles B., Anderson H., Caldwell J., (2009), Principiile de baza ale contabilitatii,, Editura Arc

2. Greiner, C. - Systèmes d'information et comptabilité - ECCA, p. 1120 Articles

1. Beyer A., Cohen D.A., Lys T.Z. & Whalter B.R., (2010), The Financial Reporting Environment: Review of the Recent Literature, Journal of Accounting and Economics, vol. 50, issue 2-3

2. Biddle G.C, Hillary G. & Verdl R.S., (2009), How does financial reporting quality relate to investment efficiency, Journal of Accounting and Economics, 2-3, pp. 112-131

3. Briciu S., Scorte C. & Mester I., (2013), Impactul informatiei contabile asupra deciziilor manageriale - Studiu empiric realizat la entitatile din industria ospitalitatii din Romania, Economie teoretica si aplicata, Vol. XX, no.9(586), pp.25-37

4. Chen Huifa, Tang Q., Jiang Y. & Lin Z., (2010), The Role of International Financial Reporting Standards in Accounting Quality: Evidence from the European Union, Journal of International Financial Management & Accounting, vol 21, issue 3

5. Cole V., Branson J. & Breesch D., (2013), Determinants influencing the IFRS accounting policy choices of European listed companies, working paper

6. Girbina, M., Minu, M., Bunea, S. & Sacarin, M., (2012), Perceptions of preparers from Romanian banks regarding IFRS application, Accounting and Management Information Systems, nr. 2, pp.191-208

7. Glaum M. et al., (2013), Introduction of International Accounting Standards, Disclosure Quality and Accuracy of Analysts' Earnings Forecasts, European Accounting Review, vol. 22, issue 1

8. Herbei (Mot) I., Moldovan N.C., Cernit C., - Analysis between accounting information disclosure quality and stakeholder interests, European Journal of Accounting, Finance and Business, vol.3, no.1 February, 2015, pp.88-98

9. Jayaraman & Verdi, (2013) The Effect of Economic Integration on Accounting Comparability: Evidence from the Adoption of the Euro, working paper, available on www.ssrn.com

10. Nobes C., (2011), International variations in IFRS adoption and practice, research report, ACCA, Londra

11. Pascan I.D. & Turcas M., (2012), Measuring the impact of first - time adoption of International Financial Reporting Standards on the performance of Romanian listed entities, Procedia Economics and Finance 3, pp. 211-216

12. Vatasoiu C.I., Gheorghe M., Motoniu I.D. & Boca I.S., (2010), Accounting information -the base of financial analysis in investment decisions, Analele Universitatii Constantin Brancusi, Targu Jiu, seria Economie, nr.4, pp. 244-254

13. ***Ernst and Young 2012, www.ey.com

14. ***Standardele Internationale de Raportare Financiara - IFRS, (2013), partea A - Cadrul general conceptual si dispozitii, CECCAR

Journal Information

Metrics

All Time Past Year Past 30 Days
Abstract Views 0 0 0
Full Text Views 281 281 45
PDF Downloads 154 154 38