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2016 | OriginalPaper | Buchkapitel

Accounting as an Information System

verfasst von : Ana Alexandra Caria, Anabela Martins Silva, Delfina Rosa Rocha Gomes, Lídia Cristina Alves Morais Oliveira

Erschienen in: MBA

Verlag: Springer International Publishing

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Abstract

This chapter aims to provide, for all those that pursue a managerial career in the private industry, public sector, government, technological and engineering area, the “core” concepts, principles, rules and techniques of the accounting area. Positioning accounting within its broader social, economic and historical context, this chapter provides useful insights concerning the needs of different users of accounting information and provides a clear understanding of the differences and complementarities between financial and management accounting. In detail, the chapter defines accounting; analyses the evolution of accounting from mediaeval times to present; identifies the users of accounting information and their needs; identifies the objectives of financial reporting; identifies the qualities that make financial statements useful; defines the basic elements of financial statements—assets, liabilities, equity, income and expenses; provides an understanding of the accrual basis and going concern assumptions which underlie the preparation of financial statements; explains the nature and purpose of accounting standards; and introduces the financial statements that appear in a set of published accounts. To complement, the main concepts of management accounting and the distinctiveness and usefulness of the information it provides for decision-making are described.

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Vorheriges Kapitel Training and Development in Organizations: Start at the Beginning
Nächstes Kapitel Introduction to Corporate Finance
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Fußnoten
1
A conceptual framework establishes the concepts that underlie financial reporting. It is a coherent system of concepts that flow from the objective of financial reporting (level 1). The purpose of financial reporting provides guidance on identifying the qualitative characteristics that make accounting information useful and the elements of financial statements and assumptions (level 2). The third level identifies the recognition, measurement and disclosure concepts used in establishing and applying the accounting standards to achieve the financial reporting objective. The IASB’s conceptual framework is described in the document, “Framework for Preparation and Presentation of Financial Statements”. It was firstly issued in 1989 and revised in 2010 and 2015. The 2015s revision is expected to be completed in 2016. The analysis provided in this section refers to IASB Conceptual Framework [26].
 
2
Currently, financial statement amounts are determined using a variety of measurement bases. Historical cost is used, for example, for cash. Impaired amortised historical cost is used for purchased property, plant, and equipment. Amortised historical cost is used for loans, receivables and long-term debt. Fair value is used for investment securities and derivatives. Entity-specific value is used for impaired inventories and impaired property, plant, and equipment.
 
3
The amortised cost is defined in paragraph 6.9 of IASB’s Conceptual framework as following: “The historical cost of a financial asset is initially the value of the consideration given to acquire the asset plus the transaction costs relating to the acquisition. The historical cost of a financial liability (again, sometimes referred to as amortised cost) is initially the value of the consideration received to take on the liability less the transaction costs incurred in taking it on. The subsequent carrying amount of financial assets and financial liabilities measured using amortised cost reflects subsequent changes such as the accrual of interest, changes in the estimates of cash flows (including the impairment of financial assets) and payments or receipts, but does not reflect subsequent changes in prices caused by other factors” [26].
 
4
“Assets acquired and the liabilities incurred in transactions that involve no exchange do not have a readily identifiable initial cost. In such cases, current values are sometimes used as a proxy for cost (deemed cost) on initial measurement and that deemed cost is then used as a starting point for subsequent measurement” (Conceptual framework, §6.11) [26].
 
5
When price changes are significant, information about the current cost may sometimes be more relevant than information about their historical cost. “The current cost of an asset (liability) is the cost of (proceeds from) an equivalent asset (liability) at the measurement date. Current cost and historical cost are both entry values (i.e. they reflect values in the market in which the entity acquires the asset or incurs the liability)” (Conceptual framework, §6.18) [26].
 
6
Because fair value measurement incorporates market information into the financial statements is the most relevant measure for financial instruments in the dominant market environment. Nonetheless, fair value measurement can pose challenges such as the absence of active markets, difficulties to determine fair value estimates in the absence of listed prices, and market illiquidity, such as the one that emerged during the recent credit crunch. For an analysis of the relevance of fair value accounting, see [27, 28].
 
7
IASB initial standards are called International Accounting Standards (IAS). IAS were issued by the IASC, predecessor of the IASB till 2000.
 
8
In EU countries, IASB standards and interpretations are adopted in the form of Regulation and published in the Official Journal of the European Union (in all the official languages of the UE). Before becoming law in the EU, IFRS must go through due process of endorsement developed by the European Financial Reporting Advisory Group (EFRAG). The EU Regulations adopting IFRS are available at: http://​ec.​europa.​eu/​finance/​accounting/​legal_​framework/​regulations_​adopting_​ias/​original_​text_​en.​htm.
 
9
In 2002, Australia and New Zealand also endorsed the adoption of IASB standards, starting from 2005 and 2007, respectively. That same year, the IASB and the Financial Accounting Standards Board (FASB), the regulatory body of the USA, jointly issued a memorandum of understanding, which formally stated their commitment to converge the standards from both organizations. In 2010, the two Boards started its policy of phasing in adoption of new major standards over several years.
 
10
The IFRS regime (“principle based”) allows for a degree of discretion that may led to inconsistent application of the standards across countries. Differences in the implementations of IFRS, different translations of IFRS, the optional treatments allowed under IFRS (the existence of overt option, and/or, covert options, vague criteria and interpretations in IFRS), the use of estimations in IFRS, are among the factors that explain that differences of practice still exist within IFRS usage [34, 35].
 
11
Eighty-three per cent of the jurisdictions profiles (116 jurisdictions) require IFRS for all or most domestic publicly accountable entities (listed companies and financial institutions). The remaining 24 jurisdictions that do not yet require IFRS for all or most domestic listed companies already permit IFRS for at least some domestic listed companies.
 
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Metadaten
Titel
Accounting as an Information System
verfasst von
Ana Alexandra Caria
Anabela Martins Silva
Delfina Rosa Rocha Gomes
Lídia Cristina Alves Morais Oliveira
Copyright-Jahr
2016
Buch
MBA

Print ISBN: 978-3-319-28279-4

Electronic ISBN: 978-3-319-28281-7

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-3-319-28281-7_5

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