THE QUALITY INCREASING OF INFORMATION IN THE FINANCIAL STATEMENTS. A REARRANGEMENT OF THE QUALITATIVE CHARACTERISTICS

The generalized practice of using some conceptual frameworks offers a higher quality of information, by establishing specific criteria of reference. The qualitative characteristics are those features that give utility and value to the information presented in the financial statements. They are features derived from the normalization of a conceptual framework and a chart of accounts. These qualities, which are supposed to be general for all accounting data, connect the objectives of the financial reporting and the requirements from accounting standards, by separating the useful information from the unnecessary ones, information which are going to be presented in the financial statements. In this paper, we will conduct a research in order to find out the useful characteristics of accounting information presented in the financial statements. The research will be conducted by analyzing and comparing the information in diverse accounting framework, especially the American and the international one, both before the changes brought by the Conceptual Frameworks in 2010 and at the present time. This analysis will not only highlight the qualitative characteristics of a useful information, but it will also present the measures undertaken by Conceptual Frameworks, international and American ones, measures that eliminate the differences of quality between characteristics, so they can be incorporated in the convergence process and increase the quality.