Home  Journals  International Accounting  34(328) - 2014 September

The preconditions for developing an integrated processoriented accounting system

Available online: 6 October 2014

Subject Heading: PROBLEMS.VIEWS. SOLUTIONS

JEL Classification: 

Pages: 45-57

Under the present-day economic conditions a significantly increased number of users of accounting information and the forms of accounting require the application of integrated process-oriented accounting systems in organizations. At the same time the recognized strategic element is the relationship of accounting system with every type of activity of an economic entity. The aim of the work is to analyze the underlying premises of integration of financial and managerial accounting for investment activities, which is implemented in the form of new construction and rehabilitation of existing property, plant and equipment. The author distinguishes the cost of resources used in the course of work, which is performed according to the structure of investment activity process, as a basic accounting item of the investigated subject area. The study bases on the dialectical method of cognition and uses analysis and synthesis methods, comparison and modeling. The author differentiates and justifies the following underlying premises of financial and managerial accounting integration of the analyzed investment activity in the accounting system of an organization: uniform requirements for accounting and reporting information, interaction of accounting entities, development of the composition and content of initial accounting information and formation of a single data collection of the integrated accounting system. The process-oriented accounting system, which is based on a common conceptual framework, is able to operate as an integrated entirety. The key elements of the system represent an interconnected information and management complex, which is aimed at addressing the major challenges of various types of accounting. The obtained results contribute to improving the methodological framework of financial and management accounting for investing activities of organizations related to investments in new construction and rehabilitation of existing fixed assets, creation of an information base of investment decisions preparation.

Keywords: integration, process-oriented, accounting system, financial accounting, management accounting, investment, capital investment, costs, unified information facility

References:

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