Beginning with the period in which mankind began to use numbers and calculations, financial information began to develop and reached the shape it has today. Financial information is indispensable to know in the decision making of any commercial organization.
The financial information prepared through the accounting department is presented to the decision makers following some relevant control stages.
In the light of this information, the decision makers will be able to make a decision. However, the accuracy of financial information will positively or negatively influence the decision-making process.
In many parts of the world it is in the interest of companies to play with the figures in financial information. Small companies are looking for ways to show as low an income as possible in order to pay a lower income tax, while large companies (corporations) are trying to attract large-scale investors by showing high profits.
In both cases, the intentional mistake and the tricks used affect the future of the company, and can become a disaster for the future of the company, as it negatively affects society and the state given that we actually live in a global world.
Since its inception, mankind has demonstrated in various ways, the sense of ambition and thus damaged our only world in which we live.
The desire to gain as much as possible, to have prestige, the desire to occupy the highest positions, and the like, are material aspirations and only by suppressing these negative feelings, it can be a mechanism of spiritual functioning of man who will be able to channel these feelings into positive activities. Otherwise, it will be increasingly difficult for limited resources to be distributed equitably among the world's populations.
The book consists of four chapters. These were ordered as follows; the first chapter Financial Information and its Importance at National and International Level, the second chapter the International Financial Reporting Standards (IFRS), the International Accounting Standards Committee (IASB) and the International Accounting Standards (IAS), the third chapter Case Study „Carrying out the Internal Control in order to Detect and Correct Errors and Frauds at SC ABC SA and the fourth chapter Conclusions, Proposals and Opinions.
The first chapter defines the financial information, presents the importance, objectives, users, types and importance of the demand and supply mechanism, includes financial-accounting information and aspects such as user quality (user quality). This chapter envisages the provision of financial information relevant to the purpose of this section by providing the information necessary for a better understanding of the applicable part of the paper.
In the second part, the standards and norms provided in the international financial reporting system and the international accounting norms are presented to the reader in a detailed way. The applicative part of the study is in line with the international accounting standards that have always been considered.
The third section of the book in which the main emphasis is on the applicative study (case study) of frauds and errors in a company by evaluating them in accordance with international accounting standards. Topics to be considered through applications will present issues that may constitute error and / or fraud that any business organization may face, and to which managers need to be much more careful.
In the fourth chapter, and the last part of the study are presented conclusions, proposals and ideas. As a result of the activity taken as a whole, and in the light of these results the necessary recommendations were formulated. It is presented the table that must be composed of the structure of financial information and how they are processed, corroborated with practical applications thus forming in front of us an image of the results obtained after which are mentioned the precautions to be taken - recommendations.