Considerations on Qualitative Characteristics of Information Provided by the Financial Reporting in the Context of International Accounting Normalization

Author:Rodica BĂLĂŞOIU, Ph. D. Student

JEL:M 410

DOI:

Keywords:accounting normalization, IASB, qualitative characteristics, users, economic phenomenon

Abstract:
The purpose of this article is to present some qualitative aspects of information provided by the financial reporting, matters which, rooted in the present state of international, regional and national accounting standardization are only a mobile for the substantiation of the idea that a unique world accounting standard that should adjudicate the full confidence of users in the accounting information, could be achieved only if the economic phenomena, financial and commercial transactions, elements and operations underlying the information provided by the financial reporting could be interpreted as unitary, which requires a constant normative research activity oriented, on the one hand, to the dissemination of components of economic phenomena and relations reflected by accounting, given that economic reality is constantly in progress and on the other hand, to establishing optimal information which financial reporting should provide to users.\r\nAccounting is far from being a pure technique, it conveys a certain vision of the reporting entity that places it in the heart of economic and social relations between the reporting entity and different users. Accounting normalization models this vision and, in order to be enforceable against as many users, normalizer must take necessary steps to consistently reflect reality.\r\n

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