ACCOUNTING – THE REZULT OF A COMPROMISE BETWEEN EXPECTATIONS AND EXIGENCIES

Abstract

Current concerns in the field of accounting are circumscribed to the need to perfect a unanimously accepted accounting language to be included in the application, as uniformly as possible, of the principles and accounting treatments as a basis in making financial statements. This approach is complicated and implies an extraordinary dynamics. The objective of the article is to investigate whether, in the current economic environment, accounting is able to issue an objective message to meet the expectations and exigencies of all users of financial information. Accounting can provide only a single representation of reality, and the information produced by accounting can only be a compromise between the respect for accounting principles and the care for reflecting economic reality. Accounting is an information system that quantifies, processes and transmits financial information about an economic entity. It establishes the link between economic activities and decision-makers.