Accounting relevance to management
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IMPORTANCEROLEANDQUALITATIVECHARACTERISTICSOFACCOUNTINGINFORMATIONINTHEDECISIONMAKING.pdf
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IMPORTANCE, ROLE AND QUALITATIVE CHARACTERISTICS OF
ACCOUNTING INFORMATION IN THE DECISION MAKING
PROCESS
Delia Beatrice OPREAN¹, Lucia PODOABĂ²
¹Associate professor, PhD, Faculty of Economic Sciences, Department of Management-
Finance-Accounting, "Bogdan Vodă"University of Cluj-Napoca, Cluj-Napoca, România,
e-mail: [email protected]
²Associate professor, PhD, Faculty of Economics and Business Administration, "Babeș
Bolyai" University of Cluj-Napoca, Cluj-Napoca, România,
e-mail: [email protected]
Abstract: In this paper, our goal is to study the importance, role and qualitative characteristics
of accounting information in the decision making process in each company. This process is
supported by the accountancy. Because the quality of the managerial process had an important
role in human community activities in general, in enterprises development in particular, we
believe that there is a relationship between accounting and decision process. In order to take
decisions by the management and to achieve the objectives of the companies it is necessary to
know exactly the economic and financial evolution of enterprises, this thing being possible
through the accounting information. An accounting information system is important for
preparing quality accounting information for the users, whatever their type is. The information
regarding the financial situation and the companies performances define their qualitative
characteristics and helping the users in taking decisions.
Key words: accounting information, accounting system, management process, decision making
process, quality
JEL Classification: M41, M40, J59, M49, L15
1. Introduction
The most important resource of information in actual society in generally, in economics in
particular, is the accounting, which can support the decision making process and management
activity. Accounting information are vital in communication on national, european and international
levels for the efficiency of local or/and global market. In order to make investments, to integrate on
the global market of services and goods, each enterprise must have access and understand the
financial information of partners, included in their financial statements. The managers ability in
understanding and applying the modern management principles, methods and techniques is a vital
condition for companies to obtain the higher quality of their decisions, which will help in the future
business market. The most representative function of management is decision – making. This process
represents a social, deliberately and rational act of a person or of a group of person which settled the
objectives and directions of theirs actions in order to use human, material and financial resources in
a real context of the firm’s economic life. So, decision – making function formulated information
system which provides the objectives contained in corporate governance strategy and operational
management decisions. A great and important role for business decision making process and
management has the accounting information. The best quality accounting information urgently
requires the best organization of its system.
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As the American Institute of Certified Public Accountants (AICPA) established in 1996
„accounting actually is information system and we be more precise, accounting is the practice of
general theories of information in the field of effective economic activities and consists of a major
part of the information which is presented in a quantitative form”. The accounting information defines
the ranking position of each firm at one point in time, the evolution or involution of their economic
activities and provides for managers and stakeholders an overview of accounting entities.
In order to understand the role and the importance of accounting information in the decisions
process we present in our paper a literature review which emphasizes the specialists and their
problems regarding this item.
2. Literature review
In the context of the current financial crisis which generated an economic recession,
companies should pay more attention to the accounting information and explore all the possibilities
to assure their survival and economic stability on the business market. According to Bodnar &
Hopwood (2013) the accounting information system is a collection of used human and equipment
resources, converted in information, which can be communicated to managers. In order to help the
managers and the accountants, Scorte et. all (2009) develop a study. Through their paper, these
specialists presenting the role of accounting in financial and economic crisis in general, the
importance of accounting services in particular. The same conclusion is emphasized by Baba (2009),
in her paper. This specialist believes that, in the processes of planning, coordination and development
of the management policies of the economic entities, the role of the accounting services is well to be
considered, regardless of the factors that influence them. In the process of organization of each
company's accounting, were identified a series of factors which are responsible for the quality of the
accounting process and for the efficiency of the accountant's activity. Regardless of direct or indirect
action of these factors, accounting provides efficiently information. This is the reason why, Vătășoiu
et all (2010) show the importance of accounting information in making management decisions and
investments. All accounting information are collected by accounting information system (AIS). The
main objective of an accounting information system (AIS) is the recording of events that have an
economic impact upon organizations and to internal and external stakeholders. Salehi et all (2010)
develop a study to show that although AIS is very useful to Iranian corporation, it is a gap between
what AIS is and what should be.
Regarding to AIS, O’Brien & Marakas (2012) believes that accounting information system
is an integration of human and material resources, which helps to obtain better information. On the
other hand, Gwangwava et all (2012) investigated factors that influence non adoption of
computerized accounting information system by small to medium enterprises. Furthermore, Dinca et
all (2012) emphasized that accounting information provided by accounting accounts serve in the
development of company's diagnostic and in the process of establishing the entity’s tax obligations.
Though, Petroianu (2012) shows on her paper that the accountancy represents an important support
of organization management, providing information meant to reasonably support the decision made.
But, Toth (2012) present the actual role of accounting information systems through software
packages and modern system of management.
The use of the accounting information system’s impact on the quality of financial statements
is demonstrated in the Abdallah’s study (2013), which recommends to focus on the development of
the devices used in the Income Tax and sales department.
An accounting information system has a great importance for preparing quality accounting
information for users. This is the reason why Saċer & Olouiċ (2013) elaborate the paper through
which it is analyzed the perception of the quality of accounting information systems by accountants
in medium and large companies in Croatia. Bukenya (2014) discovered that relevance, reliability,
understandability, accuracy and timeliness were true measures of the quality of accounting
information through factor analysis.
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The role of the accounting research in economic development is explained by Okab et all
(2014). Through their study, they demonstrated that the accounting information plays a positive role
in the integrity of these decisions as well as the success of the development plans. Timely
implementation of the plans depends on strategic decisions taken by managers. These types of
decisions are based on analysis of accounting information. That’s why, Ullah et all (2014) developed
a significant relationship between accounting information and strategic decisions. On the other hand,
Rapina (2014) determine the influence of organizational factors (management commitment,
organizational culture and organizational structure) to the quality of the accounting information
system and its implications on the quality of accounting information. Chiriac (2014) develop a
qualitative approach, by a theoretical point of view, regarding the importance of accounting
information in decisional process.
Qualitative characteristics of financial/accounting information are important in the context of
the choice and change of accounting policies by firms. Nobes & Stadler (2014) made the first
empirical study that uses publicly available data to provide direct evidence about the role of the
qualitative characteristics (QCs) of financial information in managements’ accounting decisions. The
accounting is done according to the current legislation.
Caraiman (2015) shows in his paper that the accounting information and accounting rules are
heavily influenced by the political system. Thus, in countries where accounting is connected to
taxation are satisfied with priority to the interests of the state and its institutions, and in countries
where he managed accounts tax disconnection are serviced with priority to the interests of investors.
Accounting information system is a system that collects, records, stores and processes data to produce
information for decision makers (Romney & Steinbart, 2015). Some specialists – such as Fitriati &
Mulyani (2015) – demonstrated through their study that organizational commitment and culture have
positive and significant affect on accounting information success. Furthermore, the success of
accounting information system is related to accounting information quality. The same authors
explained (in 2015) the influence of leadership style on accounting information systems success and
accounting information quality.
Another specialist, Yenni (2015) shows in her study that the success of AIS application
cannot be separated from the effectiveness of existing organizational structure in the organization.
Likewise, Susanto (2015) believe that the quality of accounting information is influenced by the
quality of accounting information systems.
Alamin et all (2015) investigates the factors (perceived technology fit, effort expectancy,
facilitating conditions, self-efficacy and coercive pressure) that influence accounting information
systems (AIS) adoption among accountants. Also, Iskandar (2015) demonstrated through his study
that the quality of accounting information systems can be improved through management
commitment and user competence.
3. Decision making process
A decision is a selection made from many possibilities in order to stimulate different actions.
The decisions adopted by the manager in the company compose the decision-making system. Always
the decision system is preserved by the information system. This decision making process requires a
study of information limited or unlimited, depending on the intended purpose. Those decisions
through which the company is surviving are named strategic decisions. These types of decisions
involve a total analysis of the firm and its environment in order to reduce all the risks. So, in this case,
the decision – making process is very long, using all different techniques and performing studies. The
strategic decisions promote the realization of fundamental objectives included into strategies, plans,
medium or long term programmers. A logical sequence of strategic decisions is represented by the
tactical decisions. These type of decisions ask limited information, but permit the achievement of
derivate objectives incorporated into annual and semestrial programs. On the other hand, the most
numerous decisions are operational one, which requiring a very small number of information. So, for
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operational decisions, the manager needs information regarding the operations developed in the
company, but for tactical decision the manager need to know the evolution of business market in
order to decide the financial actions day by day. Whatever the type of decision, a good decision
making count on the quality of external or/and internal information available to the firm, but on the
base of each rational human action exist the cycle information – decision – action. So, if the objective
of this activity is define by the administering of the evolution of economic or social system, these it
will become a directed system where the manager and the board of directors will designed the
management system. The responsible for decision process at strategically and operational level is the
manager, which has at his disposal many information. So, using these information, the manager use
the available resources and take actions in order to obtain the most positive results from economic
point of view. This results are reflected in the financial statements, where the economic events are
registered by accounting system. This is the reason why the accounting information system is closely
connected to decision making process. In order to understand this connection is better to emphasize
some aspects regarding the concept of accounting information system.
4. Theoretical aspects regarding accounting information system
Accounting information system is a tool used by the management's company in order to
provide value which generates a competitive advantages for the company. Thus, accounting
information in a company is classified into financial accounting information (designed by the
summarized financial statements, is intended for external users such as: investors, employers,
creditors, government or general public) and management accounting information (designed for
internal users named management and includes information on unit cost of products, cost behaviour
related to profitability of the product). So, financial accounting information are presented in the
financial statements, which have the same qualitative characteristics (understandability, relevance,
reliability and comparability). Instead, the managerial accounting information are presented in
Scoreboard/Dashboard of income and expenses. In order to serve to the company's needs, the
accounting information must be delivered in time. This is the reason why the best organisation of
accounting information system is very important. Usefulness of accounting information system is
determined by the following reasons:
to establish the business ability to generate cash, all the sources and uses of the cash;
to define the business capability to pay back its debts from the relationship with the
state, to employees, banks;
to pursue financial results on an evolution line in order to resolve all the profitability
and liquidity issues;
to obtain financial ratios from the accounting statements, that can indicate the
financial and economic stability of the business;
to search for the details of certain business transactions with national or foreign
partners, as outlined in the disclosures that accompany the statements.
So, there are many possibilities of using accounting information inside of economic entity (as we see
in the figure below – Figure no.1).
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Figure1: Possibilities of using accounting information inside of economic entity
(Source: http://connection.ebscohost.com/c/articles/97635611/importance-accounting-information-
decisional-process and http://steconomiceuoradea.ro/anale/volume/2014/n1/063.pdf)
Because the accounting information system offers the necessary’s data for the users (internal
or external parties), is better to emphasizes the interactions between them in the decision – making
process (as we see in the figure below – Figure no2).
Figure 2: Interactions between accounting information system (AIS) and internal and
external parties
(Source: http://www.downloadslide.com/2015/12/slides-accounting-information-systems_97.html)
The accounting information system is a subpart of the information system of the enterprise
and within it is a subpart of the information system of the management. So, the task of the accounting
information system is to meet the data demands of the management information system, in order to
provide information to the managers of the enterprise. The accounting information system is in close
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connection with the management information department the accounting and administration
department, the inner control and the information technology team. This system is revealed in the
figure below (Figure no3).
Figure 3: Information system of the enterprise
(Source: http://webcache.googleusercontent.com/search?q=cache: 8fIFH6Lx7UcJ:tmp.gtk.uni-
miskolc.hu/volumes/2012/01/TMP_2012_01_13_Toth
_Zsuzsanna.pdf+&cd=1&hl=en&ct=clnk&gl=ro)
So, the information works within the enterprise and includes two related sub-systems: a data-
processing sub-system (responsible for acquiring, storing, processing and forwarding information
needed for all operations) and a decision making subsystem. The last subsystem is conducted by the
manager, but always the accountant must be "the right hand" or "the brain" which delivered the most
important information at the right place and at the proper time. So, accounting has the decisive role
in processing and supplying information for managers. In order to be useful to the users, accounting
information should have the following characteristics (http://www.accountingtools.com/
questions-and-answers/what-are-the-characteristics-of-useful-accounting-informatio.html):
prepared objectively, consistency of recordation and presentation, in support of decisions, matches
reader knowledge, reliability and completeness of information. Also, there are four qualitative
characteristics of accounting information that serve as the foundation for decision (http://
simplestudies.com/what-are-the-qualities-of-accounting-information.html) in a company:
relevance (makes a difference in a decision making process because the accounting information is predictive, it provides feedback and it is timely) is related to the
concept of materiality;
timeliness (requires both recording the financial transaction in the appropriate accounting period and generating accounting reports as soon as all data are posted so
that issues with business operations are discovered before the problem grows);
reliability (accounting information is faithfully presented because is verifiable, it is factual and complete and it is neutral);
comparability (accounting information allows comparison between or among different entities, that’s why the companies are required to disclose their accounting
methods/policies);
consistency is related to comparability, when the entity uses the same accounting principles and methods from one accounting period to the next.
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In addition to the aforementioned characteristics, the following qualities of accounting
information affects its usefulness: understandability (allows the users to understand accounting
information given they spend the necessary time), materiality (refers to a relative significance or
importance of an item to the overall financial condition of a company) and conservatism (i.e.
accounting practice of prudence when there is business uncertainty).
The Financial Accounting Standards Advisory Board (FASB) establishes and maintains
generally accepted accounting principles (GAAP) that set forth the qualities (timeliness is a quality
subset of relevance) and standards of accounting information. Unless a company’s accounting
records meet GAAP standards, an auditor cannot certify the company’s records. At European level,
the qualitative characteristics of financial/accounting information, as set out in the conceptual
framework of the International Accounting Standard Board (IASB), are fundamental for standard –
settings and are used by the firms when they make certain accounting decisions, in particular policy
choices and policy changes (IASB 2010). These features are shown in the figure below (Figure no.4)
Figure 4: Qualitative characteristics of the Framework (Source: http://www.ifrs.org/Meetings/MeetingDocs/Other% 20Meeting/2014/October/ABR-
2014-0103-Qualitative-characteristics.pdf)
So, according to FASB, the accounting information must be intelligible, relevant, reliable and
comparable. In the same time, at European level IASB (International Accounting Standard Board)
considered that the utility of the information included in the synthesis documents is determined by
intelligibility (emphasizes that accounting information can be easily understood by the users),
relevance (means that the information has the capacity to influence the decision making process),
reliability (relieved that the information offering elements useful for decision making process) and
comparability (means that the information can be compared in time and space and reported to other
values). Some information used in decision making process comes from managerial accounting. This
information is taken from financial accounting, except those related to extraordinary events.
However, the financial accounting supplies all the useful information (related to stocks, to
tangible and intangible assets, to rights and obligations, to the evolution of bank loans or leasing
contracts, etc.) for managers in adopting the best decisions. Throughout the entire process, some
problems can be observed and solved, because the accounting is offering an indispensable control on
operations. Also, the accounting information permit the present or perspective investors to formulate
a valuable judgment regarding all the events recorded in a company. On the other hand, based on
financial accounting the manager can obtain economic and financial diagnostics. Using Cash-flow
obtained based on accounting data, he can be estimated the payments on the company’s tax or other
obligations (such as: employee wages, loan or lease rates).
To achieve its desired goals, the accounting information should have the basic properties:
appropriateness (is an important requirement for the information to be used in assessing the
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company's administrative policies and develop planning control over it), credibility (must contain a
degree of possibility of verification or objectivity based on sufficient evidence prove), accuracy
(prevent the appearance of mistakes resulted by the discrepancy between the information processed
by administrative team), timing (accounting information must give benefit, if the manager doesn’t
have the right time or delay in delivering information), understanding and absorption (accounting
information are understandable, simplified and meaningful in order to extend the absorption of
management decisions), importance (accounting information achieves its role as a source for
intervention in decision-making process) and fulfilment (the quantity and the quality of information
satisfy the manager’s needs in the decision making process). So, accounting information must
achieve their quality, which depends on various internal or external factors, among which we
mention: manner of organization for accounting in the firm (ability of the accounting system to
provide professional services in order to reflect the reality in the company), material and technical
endowment of accounting (accounting informatics system permit modifications according to the
regular chances in the laws and ensure the confidentiality of the information), the way to putting into
practice the norms ensuring easy verification for accounting by control bodies, competence and
independence of the accounting professionals.
Also, the quality of the accounting information is affected by some elements or factors, such
as: incorrect application of accounting principles, manipulation practices of the results (the so-called
"creative accounting"), legislative instability, exercising the incompatibilities in the accounting
profession, inflation, recession, the unfavorable exchange rate, lack of financial and trade discounts,
issuing documents by so-called "phantom companies" (which does not exist in reality), etc..
Likewise, it is important to emphasize that there are factors that influence the activity of accountants,
which can be put into two categories: quantifiable factors (such as: the number and the structure of
the employed personnel –especially accountants, needs of informational resources, computers,
informatics programs, financial necessities and availability) and unquantifiable factors (such as:
professional knowledge and skills of accountants, the quality of management, the objectivity,
competence and integrity of the accountants, the trust granted to accountants). Accountants take
accounting information as raw material and turns into another type of information which reflects their
ability of understanding, synthetize and interpret information as its feedstock. So, accounting
information is an input for accountants in their analyses and a competitive product on the market or
banking reports, at any level.
The services of specialized accountants (chartered accountants, auditors, tax consultants) are
closely followed by professional bodies in each country (in the case of Romania, we have: The Body
of Expert and Licensed Accountants of Romania, The Chamber of Auditors of Romania, The
Chamber of Tax Consultants of Romania) and their responsibilities are enormous, up to
imprisonment and expulsion from the profession. That's why, the accountants’ seriousness in
applying legislation guarantees the quality of accounting information in the financial statements,
provided to all decision makers, in any company.
5. Conclusions
The achieving of right decisions, which contribute to solving problems arising in the firm’s
financial and economic activities is dependent of the quality of accounting information. So,
accounting information has a vital role, offering an accurate representation of processes and economic
phenomena, having the greatest degree of certainty, which emphasize the size and the value of
streams by the social reproduction process at micro or/and macro level. So, the quality of accounting
information is very important to all their users. Also, this high value is related to the performance of
investments, because current and potential investors always evaluate publicly traded companies in
order to make their best decisions which satisfied their present and future interests. All the analysis
of capital market are based on accounting information, so the users can act, operate and make
decisions using accounting information like a friend that you have ever trust. Besides the investors,
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banks and the state are interested in obtaining reliable information from accounting statements
submitted by companies to maintain confidence in the financial potential of companies. In addition,
employees desire to maintain their jobs and getting the increased salaries, based on the higher
productivity of their work. This is the reason why, we are agree with the other specialist which
emphasize the importance, role and qualitative characteristics of accounting information in the
decision making process. In addition, the high quality of the people in the accounting field, ensures
efficient decisions taken by managers in each company, fulfilling the role, importance and necessity
of accounting information so useful to everyone.
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