<abstract xmlns="http://www.w3.org/1999/xhtml"><p> 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</p></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

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

Student West University of Timisoara, Faculty of Economics and Business Administration

Studia Universitatis „Vasile Goldis” Arad – Economics Series

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

In the context of the development of information, the main role of financial reporting is threatened by alternative sources of information that users use....

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

Published Online: Jun 16, 2015

Page range: 26 - 39

Received: Feb 01, 2015

Accepted: Apr 01, 2015

DOI: https://doi.org/10.1515/sues-2015-0003

Keywords
accounting information, financial reporting, quality, IFRS, US GAAP

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

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

Published Online: Jun 16, 2015

Page range: 26 - 39

Received: Feb 01, 2015

Accepted: Apr 01, 2015

DOI: https://doi.org/10.1515/sues-2015-0003

Keywordsaccounting information, financial reporting, quality, IFRS, US GAAP

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
accounting information, financial reporting, quality, IFRS, US GAAP