Table of Contents

1. Introduction...............................................................................................................2
2. Definition of accounting and purposes of the accounting function.............................2
2.1. Definition of accounting.......................................................................................................2
2.2. Purposes of the accounting function....................................................................................2
3. Main users of accounting information.......................................................................3
3.1. Internal users of accounting information.......................................................................3
3.2. External users of accounting information......................................................................4
4. Interrelationships of the accounting function and other functions.............................5
4.1. Accounting and Management.........................................................................................5
4.2. Accounting and Statistics...............................................................................................6
4.3. Accounting and Human Resource..................................................................................6
5. The roles and importance of accounting as an information system.............................6
6. A comparison between financial accounting and management accounting................7
7. Accounting principles, accounting constraints, and ethics in accounting...................9
7.1. Accounting principles.....................................................................................................9
7.2. Accounting constraints.................................................................................................10
Accounting constraints, also known as revision principles, are used to adjust accounting
assumptions and ideas to make accounting information in financial statements more helpful
to the user (Brown, 2014)..........................................................................................................10
The primary accounting limitations to consider while generating financial accounts are as
follows:......................................................................................................................................10
7.3. Ethics in accounting......................................................................................................11
8. Accounting regulations............................................................................................11
8.1. IFRS from IASB...........................................................................................................11
8.2. GAAP from FASB........................................................................................................12
8.3. VAS from VMoF..........................................................................................................12
9. A practical example to emphasize the role of accounting in informing decision-
making............................................................................................................................13
10. Conclusion...........................................................................................................14
References.......................................................................................................................15
 1. Introduction
In the context of global development, with the advantage of the global economy, accounting
always plays an important role, directly affecting many social factors. According to Kevin
Parry (2021), Accounting is often referred to as "the language of business". Accounting is to
help stakeholders make better business decisions by providing them with financial
information. With solid growth demand reaching the Southeast Asian market and small
clients and fast growth potential, PwC's lead account manager asked to prepare a blog to
market and promote the products and accounting services of the company to new and existing
customers. This blog will cover the accounting function in the organization. Then, the context
and purpose of financial accounting and management accounting are also mentioned in the
Blog. Finally concluding the main idea creates the marketing attraction and promotion of the
company's accounting services to new and existing clients.

2. Definition of accounting and purposes of the accounting

function
2.1. Definition of accounting
Accounting is the recording of financial transactions, as well as their storage, sorting,
retrieval, summarization, and presentation in different reports and analyses. Accounting is a
subject and career committed to carrying out such objectives (Averkamp, 2022).

Accounting is the activity or process of maintaining financial records. It is the systematic

recording, reporting, and analysis of a person's, business's, or organization's financial
activities (transactions). It enables businesses to examine their financial performance.
Accounting also enables organizations to assess their performance in terms of profits, losses,
productivity, sales patterns, expenses, and so on. Accountancy is an information science that
humans utilize to collect, categorize, and modify financial data. Accountancy is used by not
just businesses, but also people, charities, and a variety of other organizations. It is useful in
determining financial stability in businesses and other organizations (Cruz, 2016).
 2.2. Purposes of the accounting function
Before delving into accounting operations, it is critical to understand the role of accounting.
Accounting's primary function is to deliver useful financial information to business owners
and stakeholders. Additionally, easing decision-making processes and keeping them up to
date. Accounting functions are classified into two types: historical functions and management
functions (Jonah, 2018).

 Historical Functions: The historical accounting function entails keeping accurate

records of all prior transactions conducted in the firm. Accounting functions like this
include: Recording financial transactions and keeping a record to keep track of them
all; A concise summary is prepared in preparation for rapid reviews, other than simply
preserving data, this method of accounting provides a net consequence. The balance
sheet is prepared to determine the financial status of the firm, the data and records that
have been evaluated are then utilized for additional reasons and the final stage is to
transmit the gathered financial information to the concerned sectors, such as owners,
suppliers, the government, researchers, and so on (Jonah, 2018).
 Managerial Functions: The management committee in a company looks for all types
of decision-making. They evaluate the prior accounting data to ensure that the
decisions are seamless and helpful to everyone. These are management
responsibilities. Accounting's five managerial duties include the development of plans
and the oversight of financial policies. A budget is also established to estimate the
overall spending for future activities. Furthermore, cost control is enabled by
comparing the cost to the efficiency of the task. Accounting also gives crucial
information during employee performance evaluations. The entire procedure's
viability is dependent on checking for fraud and mistakes (Jonah, 2018).

3. Main users of accounting information

3.1. Internal users of accounting information
Internal users are individuals who utilize financial data to make day-to-day choices within
their organizations. Managers and other staff who utilize financial information to check
previous performance and make modifications for future actions are examples of internal
users. Internal users are firm owners and managers who are involved in both day-to-day
operations and long-term strategic planning. They are the ones who make decisions like
whether to lease or buy equipment, or whether to keep the existing equipment and merely fix
it. They also determine which items or services to manufacturing and how much of each to
offer. They determine how much to charge clients and want to know how much it costs to
manufacture a product (Fasto, 2022).
These user groups are listed below:

 Management: The manager is the main internal user. They require thorough
performance data for each company segment to make ongoing modifications and
improvements to the organization. Their objective is to maintain consistent or rising
cash flow levels while minimizing debt risk. They may also require this information
to make acquisition or divestment choices.
 The owners: Accounting information is used by investors to calculate their return on
investment based on the cash flow provided by the firm. Depending on the
conclusion, investors may decide to adjust their investment in the company, either
selling their existing stakes or purchasing new shares from others.
 Employees: If employees have access to financial information (which is not always
the case), they can use it to evaluate the likelihood of the firm paying them enough
wages and funding any pension plans that the organization offers. This may lead to a
decision to stay with the firm or seek employment elsewhere.
 Unions: Unions may utilize financial information from a company to gauge its
profitability and debt load. This data is valuable in determining how difficult it will be
to encourage pay growth and welfare in upcoming contract talks. When employers
disclose mediocre results, unions may press less, and vice versa.
(Bragg, 2022)

3.2. External users of accounting information

External users are individuals who utilize financial information outside of the company to
make choices or evaluate an entity's performance. External users include investors, financial
analysts, loan officers, governmental auditors such as IRS agents, and a variety of other
stakeholders who have an interest in an organization's financial information. External users of
accounting information are divided into five categories; each has diverse interests in the
organization and seeks answers to specific inquiries (Lumen, 2022).
External users include the following:
 Creditor: Creditors want to know if a company can pay its bills on time, so they
check its financial statements to determine its liquidity. They are particularly
interested in the current pace of the organization. The results of such inspections may
result in a change in the amount of credit given to a business.
 Customer: When a company's financial statements are based on its goods and
services, customers are more likely to be interested. Customers are more likely to shift
their business
 Investor: People who invest in a company's prior financial results as well as the best
estimates of the management's prospects. This data should be derived through a
company's financial statements, a review of any business forecasts, interactions with
industry analysts, and so on. The number of shares held by the outside firm may
change as a consequence of this review, which may cause the share price to change.
 Lender: The lender wants to know if a company can pay its bills and if it has enough
collateral to back up its loans. Based on a borrower's financial statements, he or she
can either withdraw the loan or agree to prolong it longer.
 Regulators: Government authorities want to know about a managed business's
financial status and profitability; this may influence the prices that a firm may charge
its clients.
 Labor Unions: Labor union negotiators want to review a company's financial statistics
before negotiating wages and benefits for the employees they represent.
 Suppliers: Suppliers that are provided credit by the company will most likely want to
carefully examine the firm's financial documents and prior payment habits to obtain
the maximum permissible credit.
(Bragg, 2022)

4. Interrelationships of the accounting function and other

functions
4.1. Accounting and Management
Accounting and management are inextricably linked. Management is reliant on accounting
since it relies only on accounting for financial information to make choices. Accounting gives
financial information to managers in the planning and implementation of a business's
projects. Accounting allows managers to make judgments about project planning and
implementation. In today's corporate world, the tasks of planning, decision-making, and
management have been delegated from owners to professional managers. As a result, all
management tasks are focused on the growth and development of the firm. Managers cannot
make good company choices without the assistance of financial statements and other
statements of accounts (Donald, 2019).

4.2. Accounting and Statistics

Accounting and statistics are inextricably linked. The primary goal of accounting and
statistics is to make mathematical figures clear and rational and then convey them in the form
of statements that are valuable to the owner, directors, or all parties involved. It facilitates the
act of planning and decision-making. The primary function of statistics is to gather,
categorize, and analyze quantitative data from numerous events and convey it to the people
involved. As a result, a statistician provides the data in concise reports to the persons or
organizations affected, allowing them to make decisions based on the information offered to
them. After several accounting procedures of transactions are completed, final accounts and
financial statements are generated, and the owners and directors of the firm can make
decisions based on the various information of such financial statements (Donald, 2019).

4.3. Accounting and Human Resource

Accounting and human resources reflect and deal with two very diverse aspects of the
company, making it difficult for some to perceive how the two interact. Though, they come
together in several ways. For example, they do so when dynamic recruitment strategies are
required to attract top-tier talent. They collaborate to develop a competitive pay offer for
potential employees, as well as the perks that should be included. With the pandemic
changing how corporate health is seen and executed, teamwork between HR and accounting
is more crucial than ever. After all, supporting every employee's overall well-being comes at
a cost. For example, if a corporation intends to have its employees return to the office, the
workplace architecture must be updated to allow for social distance. In addition, the
corporation is anticipated to invest in contact tracing technologies and, of course, redesign the
employees' healthcare insurance to account for the current issue (The HR Lady, 2021).
 5. The roles and importance of accounting as an information
system
Accounting information systems provide three core functions: data collection and processing,
management reporting, and accuracy and security. These are listed below. Processing and
collection: In the accounting information system, the accountant or bookkeeper gathers and
records data from cash purchases, cash sales, and amounts owed and payable, and processes
them in connection with other activities. If it is a computerized system, the software
application will process all debit and credit transactions and store them in a comprehensive
information management database. the organization's managers, production directors, finance
directors, and all department heads. As a result, the accounting information system's output
assists the management board in assessing present operations and economic situations, as
well as making choices, planning, and setting objectives for the future. Accuracy and
security: The third fundamental objective of accounting information systems is to guarantee
that businesses securely keep correct data. Management decides that such data access should
be limited to authorized individuals (Vedantu, 2022).

A computerized accounting information system tracks every accounting record of a company

organization. The information gathered is mostly used in decision-making by the
organization's management. To spread effective management in any firm, the information
included in the accounting books must be closely monitored to increase commercial success.
Given that management is always accountable to numerous parties like as shareholders and
the government, accounting information provides management with the necessary facts for
closing company affairs and reporting to the organization's vendors (Francis, 2013).

Accounting information, which is centered on the organization's decision-making, also allows

management to make necessary adjustments to the business's operation. The adjustments
occur when the company suffers a loss during its most recent trading session. The choice to
apply new techniques of operating the company is made to minimize more losses.
Alternatively, if data demonstrate that the firm made significant profits during its most recent
time of operation, management will decide to emphasize the techniques of operation used to
achieve the profit. Management may examine the behavior and patterns of each item by
scrutinizing the facts on the financial statement, resulting in a specific choice that might push
the organization to thrive in the future (Francis, 2013).
 6. A comparison between financial accounting and
management accounting
Financial accountants provide papers such as income statements and balance sheets that are
used by third parties (investors and industry regulators). The statements provide information
on an organization's financial performance over time as well as its overall financial health.
Financial accountants, who create these statements, are regulated by agencies such as the
Securities and Exchange Commission (SEC). Managerial accountants create financial papers
that are used internally by corporations. The records account for firm resources such as raw
materials, labor, and equipment in ways that assist executives in increasing efficiency.

There are two major distinctions between financial accounting and managerial accounting.
The first distinction is that management accounting is given to the internal community of a
firm, whereas financial accounting is prepared for an external audience. Despite the
importance of financial accounting to current and potential investors, management
accounting is required for managers to make current and future financial choices for their
firm. The second distinction is that financial accounting is precise and must comply with
Generally Accepted Accounting Principles (GAAP), whereas management accounting might
be based on a guess or estimate because most managers do not have time to obtain exact
statistics by the time a decision is required (Bentley University, 2021).

 Similarities between Financial Accounting and Managerial Accounting: Experts who

pursue an accounting career should understand the overlap between financial
accounting and managerial accounting. Both accounting departments use analysis to
collect data and develop detailed information. Accounting helps organizations
understand financial data through techniques such as rate analysis, vertical analysis,
and horizontal analysis. Both financial accounting and managerial accounting
generally have at least a bachelor's degree in accounting-related majors. To be
successful in specialized roles, they need to develop additional skill sets. A thorough
understanding of accounting is a requirement, as is a solid foundation of management
theory principles. Those individuals looking for leadership in this area should
consider pursuing a senior level of accounting (University of North Dakota, 2020).
 The difference between Financial Accounting and Managerial Accounting: Although
financial accounting and managerial accounting complement each other in an
 organization's financial strategy, experts who consider one of these careers should
understand the differences between disciplines. Management accounting focuses on
the internal financial processes of the organization, while financial accounting focuses
on the external financial processes of the organization. Management accounting
focuses on short-term growth strategies that engage in economic maintenance. For
example, managerial accounting can perform purchasing or selling analysis to
determine the financial viability of the manufacturing of a department to help produce
a product. Financial accounting focuses on long-term financial strategies relating to an
institution's growth. The financial statements that these accountants create follow
established formats and comply with the rules and regulations of the Financial
Accounting Standards Board (FASB). The guidelines are set out in the generally
accepted accounting principles (GAAP), that all publicly traded companies in the
United States have adopted. Compliance with established formats is important for
financial accounting, which must prepare reports to potential shareholders and
investors as well as executives. However, managerial accounting often prepares
reports for internal audiences (University of North Dakota, 2020).

7. Accounting principles, accounting constraints, and ethics in

accounting
7.1. Accounting principles
Accounting principles are the rules and standards that businesses and other organizations
must follow when reporting financial data. These guidelines make it easier to study financial
data by standardizing the language and processes that accountants must use (Tuovila, 2022).

The ultimate purpose of any set of accounting principles is to guarantee that a company's
financial statements are full, consistent, and comparable. This makes it easy for investors to
examine and extract important information from the company's financial records, such as
historical trend data. It also makes it easier to compare financial information between
organizations. Accounting principles also help to reduce accounting fraud by boosting
openness and identifying red flags. The ultimate purpose of standardized accounting
standards is to provide consumers of financial statements with confidence that the
information given in the report is comprehensive, consistent, and comparable (Tuovila,
2022).

Comparability refers to the ability of financial statement users to compare the financials of
several organizations side by side with the assurance that accounting principles have adhered
to the same set of standards. Accounting data is neither absolute nor tangible, therefore
standards are designed to mitigate the detrimental impacts of incorrect data. Without these
regulations, comparing financial statements among firms, even within the same industry,
would be exceedingly difficult. Inconsistencies and faults would likewise be more difficult to
detect (Tuovila, 2022).

7.2. Accounting constraints

Accounting constraints, also known as revision principles, are used to adjust accounting
assumptions and ideas to make accounting information in financial statements more helpful
to the user (Brown, 2014).
The primary accounting limitations to consider while generating financial accounts are as
follows:

 Materiality Accounting Constraint: The notion of full disclosure requires the user of
financial statements to have access to all significant information. Non-important and
insignificant information can be removed or consolidated with other financial
information under the accounting constraint.
 Conservative Accounting Constraint: A conservative or cautious accounting
constraint mandates that all potential losses be recorded in the financial statements,
but all potential gains are deleted.
 Consistency Accounting Constraint: Assumptions and ideas utilized in financial
statement preparation must be implemented consistently from year to year. The user is
now able to draw relevant comparisons.
 Cost Benefit Accounting Constraint: The costs of implementing an accounting
concept cannot exceed the advantages it provides. If the costs outweigh the benefits,
the concept should be adjusted.
  Verifiable and Objective Evidence Accounting Concept: Each accounting transaction
should have thorough documentation evidence to back it, and this proof should be
neutral.
(Brown, 2014)

7.3. Ethics in accounting

Obedience to a strict set of ethical rules is one of the most important characteristics of a
professional. When someone deviates from ethical norms, their credibility and Florida CPAs
are tested on ethicsdgment are called into doubt (University of West Florida, 2022).

Accounting ethics refers to adhering to particular norms and principles established by

regulatory organizations that every individual involved in accounting should adhere to
prevent the abuse of financial information or their managerial position (Srivastav, 2019).

Accountants handle the financial details of people and businesses. Some can perform million-
dollar deals, while others help taxi drivers and social workers protect their retirement assets.
Accounting professionals choose to follow ethical rules to improve their profession, preserve
public trust, and display honesty and fairness. People who join organizations and obtain
certifications to present themselves to the public as CPAs or Certified Internal Auditors
(CIAs) work hard to safeguard the profession's reputation (University of West Florida, 2022).

8. Accounting regulations
8.1. IFRS from IASB
International Financial Reporting Standards (IFRS) are issued by the International
Accounting Standards Board (IASB). More than 120 nations, including those in the European
Union, utilize these standards (EU). The Securities and Exchange Commission (SEC), the
United States government body in charge of safeguarding investors and preserving order in
the securities markets, has indicated an interest in moving to IFRS. However, due to the
discrepancies between the two standards, the United States is unlikely to transition shortly
(Tuovila, 2022).

The International Financial Reporting Standards (IFRS) define how businesses must keep
records and report their costs and revenue. They were designed to provide a worldwide
accounting language that investors, auditors, government regulators, and other interested
parties could understand (Palmer, 2022).

However, the FASB and the IASB continue to collaborate to publish comparable standards
on specific accounting difficulties when they emerge. For example, the FASB and IASB
jointly released new revenue recognition guidelines in 2014. Because accounting methods
change around the globe, investors should use caution when comparing financial statements
from different nations. In more established markets, the issue of various accounting rules is
less of a concern. Nonetheless, there is still room for number distortion under many sets of
accounting standards (Tuovila, 2022).

8.2. GAAP from FASB

Generally accepted accounting principles (GAAP) are uniform accounting rules that apply to
both commercial enterprises and nonprofit organizations in the United States. The Financial
Accounting Standards Board (FASB), an independent nonprofit organization whose members
are chosen by the Financial Accounting Foundation, is mainly responsible for establishing
these principles. The Governmental Accounting Standards Board (GASB), a comparable
entity, is in charge of establishing GAAP standards for municipal and state governments. A
third entity, the Federal Accounting Standards Advisory Board (FASAB), establishes federal
accounting principles (Tuovila, 2022).

GAAP compliance transparentizes the financial reporting process by standardizing

assumptions, language, definitions, and techniques. External parties may readily compare
GAAP-compliant businesses' financial statements and confidently assume consistency,
allowing for rapid and reliable cross-company comparisons (Matos, 2022).

While privately owned businesses are not obligated to follow GAAP, publicly traded
businesses must publish GAAP-compliant financial statements to be listed on the stock
market. Chief executives and independent auditors of publicly listed firms must attest that the
financial statements and accompanying notes were produced in compliance with GAAP.
Privately held enterprises and nonprofit organizations may also be forced to produce GAAP-
compliant financial statements by lenders or investors. Most banking institutions, for
example, require annual audited GAAP financial statements as a loan covenant. As a result,
even though it is not a legal obligation, most corporations and organizations in the United
States use GAAP (Tuovila, 2022).

8.3. VAS from VMoF

Vietnamese Accounting Standards (VAS) is a manual for keeping records and preparing
financial accounts. It includes a standard account system, a financial statement form,
accounting and documentation instructions, and extensive instructions on double-entry for
individual transactions. Vietnam has implemented a consistent set of accounting rules and
records that detail how to record the expenditures and earnings of businesses operating in the
area. These generally accepted accounting principles (GAAP), also known as Vietnamese
Accounting Standards (VAS) in the local language, serve as a basic set of instructions for
setting up and recording accounts and books (Asia Briefing, 2022).

VAS presently lacks a regulation that allows assets and liabilities to be revalued at their fair
values at the time of reporting. The absence of applicable standards decreases the financial
statements' accuracy and reasonableness and is inconsistent with IAS / IFRS (Crowe
Vietnam, 2021).

Accounting rules are also available for credit institutions, insurance businesses, securities
firms, fund managers, investment funds, oil and gas operators, lottery companies, regulators,
and public sector organizations (Asia Briefing, 2022).
 9. A practical example to emphasize the role of accounting in
informing decision-making

How does Accounting Information affect conform to IAS on Fair and Transparent Decision-
making?
(Vokshi and Krasniqi, 2017)

As a result, making judgments based on precise information results in correct decision-

making and effective economic unit direction. In this case, an example of such information to
serve management accounting is how was business profit for the previous period, how is
accounting receivable statement for a specified period, which was the most profitable
product, how is the liquidity situation, how product prices in the market afford, and so on.
Accounting information is very significant for workers of the entity (economic units). It
reflects the necessity for them to be informed about the unit's financial state, which is
connected to the prospect of boosting their salary, and then enhancing existing working
conditions, overall company growth, and so on ((Vokshi and Krasniqi, 2017).

Exact accounting information is required, particularly by the entity's shareholders. They want
to be educated about their financial condition so that they can determine whether or not the
investment they made will be worthwhile. Such information is required for all unit investors,
who must decide whether to grow or decrease their investment based on the financial status
of the unit, which condition they discover from public accounting information (Vokshi and
Krasniqi, 2017).
 10. Conclusion
In summary, the blog has carefully analyzed the characteristics of accounting and the
function of the accounting department as well as mentioned the accounting function in the
organization. Financial accounting, as well as management accounting, are also compared
clearly and highlight the context and purpose. In addition, the laws applicable in the
accounting or accounting department are also discussed in the blog. They are used to market
and promote the company's accounting services for the existing merchandise of new and
potential customers.
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