FINANCIAL ACCOUNTING QUALITY AND ITS DEFINING CHARACTERISTICS
The importance ofhigh-quality financial statements is highlighted by the main standard-setting institutions activating in the field of accounting and reporting. These have issued Conceptual Frameworks which state and describe the qualitative characteristics of accounting information. In this qualita...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Romanian Foundation for Business Intelligence
2014-11-01
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| Series: | SEA: Practical Application of Science |
| Subjects: | |
| Online Access: |
http://seaopenresearch.eu/Journals/articles/SPAS_5_13.pdf
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| Summary: | The importance ofhigh-quality financial statements is highlighted by the main standard-setting institutions activating in the field of accounting and reporting. These have issued Conceptual Frameworks which state and describe the qualitative characteristics of accounting information. In this qualitative study, the research methodology consists of reviewing the literature related to the definition of accounting quality and striving for understanding how it can be explained. The main objective of the study is to identify the characteristics information should possess in order to be of high quality. These characteristics also contribute to the way of defining financial accounting quality. The main conclusions that arise from this research are represented by the facts that indeed financial accounting quality cannot be uniquely defined and that financial information is of good quality when it enhances the characteristics incorporated in the conceptual frameworks issued by both International Accounting Standards Board and Financial Accounting Standards Board. |
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| ISSN: | 2360-2554 |