Accounting Information System: Role of Relevance
and Reliability in the Conceptual Framework
The development any system, whether manual or automated, requires a conceptual framework that serves as the foundation for the establishment of requirements, policies, standards and procedures. From the conceptual framework, the various applications can be developed and when these proved to be effective and efficient, best practices are established and become the model for other systems to follow. Developing an accounting information system is no different and the conceptual framework thereto requires an even more thorough understanding of what is needed and what the end state should be especially with regards to the information. The different information needs of the various decision makers results in two related, but different accounting information systems; managerial accounting and financial accounting (McMenimen 2003). But whatever information -- or even data, gathered for the development of the conceptual framework or the whole accounting information system itself, there are certain factors that must be met. Two of these critical ones are relevancy and reliability but before delving into the role of these two in the conceptual framework in accounting information system, understanding what comprises or what is a conceptual framework will be done first.
Generally, the conceptual framework of accounting information system provides the principles and concepts governing managerial and financial accounting. Consequently, it incorporates the standards and policies in the actual implementation of accounting information system. In layman's terms, one of the end results of the conceptual framework in accounting is the rules of engagement governing the practice of accounting. In Australia, "the role of the conceptual framework is to build a common understanding of financial reporting for all people in business. The framework also builds consistency with international accounting standards and concepts as it is aligned with an international framework....
First, as Personal Trainer expands globally, the system will be available through web browsers anywhere in the world. Second, the ease of completing system upgrades across all users at the same time needs to be taken into consideration, and the use of the Web-based system architecture hosted on a Software-as-a-Service (SaaS) platform is critical. Third, by taking this approach Susan can b e assured there will be higher levels
Accounting Information for Decision Making Corporate Confirming on Water Risk (Feb 2010) indicates that the Global Confirming Initiative (GRI) G3 Guidelines' five water-related indications (total withdrawal volume by source, ponds considerably impacted by distributions, percentage and total amount of water recycled and used again, total water discharge by quality and destination, and identification water physiques and related habitats impacted by discharges) make the perfect beginning point for assessing and confirming water
Information System holds in Accounting Industry's future? Looking through the glass and estimating what the future holds for any individual or profession is always a difficult exercise as the trends in any business or profession may change and so the path of development. It is better to look at the experience of some companies whose systems have changed over the past few years and thus try to estimate what is
Creating Organizational Value through the Integration of Information Technology: A Management Perspective Change Management and the Construction of a Receptive Organization Transformational and Participative Leadership A Decentralized Organizational Culture Effective Utilization of Resources Simulations Performance Monitoring Systems Risk Management and Support Strategies When considering the ever-changing and highly competitive global landscape of business today, firms must stay at the cutting edge of their respective fields in order to sustain profitability in the long-term. With the current exponential growth
Accounting Systems Assessing the Current and Future State of The lifeblood of any business is the revenue it generates while managing costs, ensuring profitability of the business, and its long-term survival and growth. The catalyst of managing a business effectively is the use of accounting information, financial analysis, and increasingly in the 21st century, the use of real-time financial analytics on key performance indicators (KPIs) used to manage a business
It is argued that while land tenure data can be instrumental in addressing land-related conflicts, much of the practical value is lost because of inconsistency of information and because information is not readily accessible, or cannot be combined to allow for greater depth of analysis. In practice, this means that policy-makers cannot make immediate use of the information that is available because additional time and expense are required either
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now