Considerations on modelling an information system from a financial reporting perspective

Abstract

Due to pressure manifested towards reducing costs, rapid changes in business models, legislation or capital markets requirements many organizations have considered the need for a "reshuffle" of the financial reporting information systems. Analyzing the information provided by the international financial and accounting consulting companies, it results that the financial reporting and control of costs are highlighted as key elements of the economic and financial performance; so upgrading systems that provide elements for underlying the decisions in this sphere of activity is a condition for the sustainable business development. The concerns of the specialists are directed towards standardizing and automating business processes in order to reduce information’s complexity and increase transparency on how to obtain the output of an organization. The geographical dispersion of a multinational company’s units can generate difficulties arising from differences between the internal accounting practices and the ones used outside the company’s country. Harmonization of financial reporting procedures, using modern technologies can be useful in this case.