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The Importance of Financial Information. Georges Barthes de Ruyter Former Chairman of the International Accounting Standards Committee. Accounting. The Financial Information of an Enterprise is a by-product of its accounting systems. International Financial Reporting Standards.

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The Importance of Financial Information

Georges Barthes de Ruyter

Former Chairman of the International Accounting Standards Committee


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Accounting

  • The Financial Information of an Enterprise is a by-product of its accounting systems.

  • International Financial Reporting Standards.


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Financial Statements

  • The basis of the financial information of any enterprise.

  • Enterprise delivers messages to the public through its financial information.

  • Important that messages are in a language that is precisely understood.


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Why reliable information?

  • Two arguments for reliable financial information.

    • International

    • National


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Reliable Financial Information: International Context

  • Allows for free and efficient flow of capital.

  • Ensures best allocation of resources and lowest cost of capital.

  • Correlation between progress of financial information and growth of economy.


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ReliableFinancial Information: National Context

  • Confidence in financial information attracts foreign and portfolio investment.

  • Better allocation of capital.

  • Importance of relevant standards and reliable information.


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Conclusion

  • Importance of efficiency, independence and reliability of the audit profession.