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Influences on, and Consequences of Accounting Policy Choices


Mance, Davor; Katunar , Hrvoje
Influences on, and Consequences of Accounting Policy Choices // Economic Integration, Growth Prospects and Enlargement / Kandžija, Vinko ; Kumar, Andrej (ur.).
Rijeka: University of Rijeka, Faculty of Economics, 2012. str. 714-721


Naslov
Influences on, and Consequences of Accounting Policy Choices

Autori
Mance, Davor ; Katunar , Hrvoje

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
Economic Integration, Growth Prospects and Enlargement

Urednik/ci
Kandžija, Vinko ; Kumar, Andrej

Izdavač
University of Rijeka, Faculty of Economics

Grad
Rijeka

Godina
2012

Raspon stranica
714-721

ISBN
978-953-7813-13-0

Ključne riječi
Accounting policies, aggressive and conservative accounting, accounting manipulation, financial statement misrepresentation, creative accounting

Sažetak
Accounting policies are specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. The preparers of financial statements have an incentive and are in a position to manipulate the view of economic reality presented in those statements to serve their own pecuniary interests. In this principal-agent problem, the management files financial statements as an assessment of their own performance. Moreover, the management controls and decides upon the relevant information presented in these financial statements. Accounting regulation attempts to ensure that information is produced on a consistent basis in accordance with the rules that makes the financial statements more reliable for users. Nevertheless, the accounting regulation does not address the principal-agent and the moral-hazard problems. We propose a change of the practice in which the management is in control of their own accounting, controlling, and auditing mechanisms. Instead these should be passed to other bodies such as: stockholders and the boards of directors. However this has its disadvantages due to the lack of competences in accounting among these financial statement users.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija



POVEZANOST RADA


Projekt / tema
081-0811272-1274 - Koncepti i metode financijskog računovodstva u javnom sektoru Republike Hrvatske (Josipa Mrša, )

Ustanove
Ekonomski fakultet, Rijeka