Evolution of approaches to financial accounting
Keywords:
financial accounting, accountability, decision makingAbstract
This article aims to describe the characteristics of two different stages of financial accounting functions. A first function, prior to the decade of the sixties of the last 20th century, called “accountability”, and a later one expanded to “providing useful information for decisionmaking” of its users. It is achieved from the experiences, research and studies of the authors, exposing the main implications that the change has caused in the objectives and requirements of accounting information in general. It is concluded that the change of direction in accounting theory has meant a new approach with respect to users and the objectives of accounting, which has enhanced the importance of accounting information requirements.
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