Financial-accounting Information in the Knowledge Society

The knowledge society, in the context of globalization, is a topic largely debated internationally. At present, knowledge has become the engine of economic growth and welfare. In the present context of globalization, as an objective of the contemporary economy, financial-accounting information has become especially important. To join the capital market, the present company, evolving in a globalized economic environment, has to provide comparable, transparent and high-quality financial information. The globalization of the world economy has been at the basis of the accounting information harmonization and normalization processes, which has led to the elaboration of a unique set of financial reporting standards, as an indispensable basis of the financial analysis. This gives rise to an indissoluble relation between the quality of the accounting information and the relevance of the analysis-based recommendations in the decisional process. At the same time, the financial-accounting information consumers have the same information available to compare and evaluate companies, name their economic-financial performance reflected by their result.