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classified, classified and communicated. This information will be useful to make decisions. But
in the accounts there are types of this, since the companies there are different users with different
needs for information, for example: employees, investors, creditors, suppliers, trade unions, tax
authorities, etc. Each of them have different interests, and in response to this information there
are several types of accounting, administrative, and financial costs, which will be in the focus for
The Financial Accounting generates information for general users of the organization, through
reports such as balance sheets, financial situation or state of results, for example. These will help
to make decisions in order to optimize the resources of the company. These states contain past
events or historical numbers, which help the company in the investment, financing and operation.
The states provide items such as: solvency, liquidity, profitability, operational efficiency and
financial risks.
"People are not successful makes decisions based on your current situation, successful people
makes decisions based on where they want to be." (Anonymous). At present, the financial
manager makes decisions on a daily basis on the action to be taken by the undertaking and you
must have the necessary tools that allow you to make the best possible decisions. There is a
diversity of tools for the taking of decisions, however, in the present document analyzes the
accounting that aims to prepare and develop accounting information for external users. Such
organizations, etc.).
Mallo and Polishing (2008) explain that it is an information system that allows us to measure
the evolution of the heritage or wealth and the results or regular income of the company, through
the systematic recording of transactions in financial and economic activity, which leads to the
development of the Annual accounts, prepared in accordance with accounting principles and
valuation standards, which makes it possible to uniforms that are interpreted and compared by
In addition, Project Tomorrow (s.f.) explained that the overall objective of financial
accounting is to generate timely and useful information for the decision making of different
users, check all financial operations carried out in the entities and report on the effects of the
On the basis of the definitions provided by the authors cited, it may indicate that the financial
accounting is the tool that provides the administrator or manager the information you need to
evaluate and formulate their own conclusions on the financial behavior of the entity; for by
Andrade of Guajardo and guajardo (2014) refers to the fact that the financial information is a
tool for competitiveness, as companies that do not have efficient information systems, and
among them the accounting, cannot compete. This is due to the fact that the decisions made in
the business relate to how are obtained and resources are used; these are created by the activities
of operation, which means decisions of operation; the contributions of the partners or external
financing, which means funding decisions; in addition to the use of resources also involves
making decisions relating to the investment. Thus, the use of the information becomes strategic
It is important to mention that due to the importance and use that is given to the information
provided by the financial accounting, it must possess certain qualities to be useful to the users.
According to Andrade of Guajardo and guajardo (2014) The four principal qualitative
that it is easily understandable to the users. For this purpose, it is assumed that users have a
reasonable knowledge of economic activities and the business world, as well as its accounting,
and also the willingness to study the information with reasonable diligence. For this reason the
information about complex issues that should be included in the financial statements should not
be excluded only for the mere reason that can be very difficult to understand for certain users.
part of the users. Information has the quality of relevance when it influences the economic
decisions of those who use it, helping them to evaluate events past, present or future, or to
Reliability: To be useful, information must also be reliable. Information has the quality of
reliability when it is free from material error and bias or prejudice, and users can trust that is the
true picture of what it purports to represent, or what can reasonably be expected to represent.
Comparability: Users must be able to compare the financial statements of an entity over time,
in order to identify trends in the financial situation and performance. You should also be able
users to compare the financial statements of different entities, with a view to assessing their
Quoting Andrade of Guajardo and guajardo (2014), Accounting has two additional
subsystems of information; the fiscal accounting that its primary purpose is to comply with tax
obligations, is useful only for government authorities and administrative accounting is a system
at the service of the internal needs of the administration, guidance to facilitate the administrative
some companies now take it as a frame of reference for information for decision-making. In this
sense, it is prudent to question whether at the time of an investor deciding whether or not to
invest in a determine entity, you can decide whether only account with financial statements
prepared for the payment of taxes and are subject to criteria contained in the tax law of each
reporting standard for public enterprises, this because the users require a standard in the
presentation of the information to make it comparable to other cycles of the business and/or other
economic entities.
This is one of the characteristics that differentiate it from the administrative account that is not
subject to accounting standards or formats, as it adapts to the needs of internal users of the
organization. Another feature that differentiate these subsystems is that financial accounting does
not interact with other disciplines since it basically uses the information generated by the
accounting systems manual or electronic; however, the management accounting relates to the
statistics, economics and other disciplines with the aim of generating very detailed and accurate
For users that are produced and used the information generated by the financial accounting is
very important to know its conceptual underpinnings, with the aim of knowing the standards
applied during the process for its preparation; the conceptual frame of reference of the financial
information is a coherent system of interrelated objectives and fundamentals that establishes the
nature, the role and limitations of financial information. To have this reference framework
provides direction, structure and consistency to the issue of standards of financial information; it
also serves as a rational and theoretical support in the development of these. For users of
financial information, the conceptual frame of reference facilitates the understanding of the
regulations.
The authors Andrade of Guajardo and guajardo (2014), argue that the conceptual framework
is composed of seven components: the needs of the users and objective of financial statements;
qualitative characteristics of financial information; basic postulates; the basic elements of the
financial statements; rules of recognition and valuation; standards of presentation and disclosure;
supletoriedad standards.
The basic elements of the financial information are: assets, liabilities, capital, income and
expenses. The assets are the resources available to the entity and which are expected to obtain a
benefit, it is classified in circulating and non-circulating. The liabilities are the debts or
commitments that the entity has with third parties and are classified into short and long term. The
capital is the contribution of the owners or shareholders and is classified in cattle and
contributed. Income are the resources that gets the entity as a result of their operations. The costs
The end product of the process accounting is the financial information, allowing users to
focus on the evaluation of the financial situation, profitability and liquidity. Based on the
information needs of the users, accounting considers that every business must submit four basic
reports: the state of results, which reports on the profitability of the operation; a statement of
changes in equity, whose objective is to show the changes in the investment of the owners of the
company; the statement of financial position or balance sheet, whose purpose is to present a list
of resources (assets) of the company with the sources of financing (liabilities and capital) of such
resources; the statement of cash flows, whose objective is to report on the liquidity of the
business; that is to say, to present a list of the sources and cash disbursements, which constitutes
a basis for To estimate the future cash needs and their likely sources.
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6. Mallo, Carlos and polished, Antonio. Financial Accounting. A current approach. Editorial
Auditorium, 2008.