Participative Accounting
DOI:
https://doi.org/10.18559/1n0jzw55Keywords:
Objectivism, Accounting, Reporting, AuditAbstract
Since the beginnings of its existence, accounting has been concerned with gathering data relating to economic events, processing this data, and then presenting it in a codified form, thus becoming an objective source of information about the financial condition of business entities. This objectivity was impaired by the introduction of valuation aspects undertaken for the purposes of financial disclosure, which often involves an individual interpretation of reality. This resulted in business entities having a "monopoly" in terms of knowledge relating to a fair and accurate picture of their financial condition. The aim of this article is to present the concept of participative accounting (PA). The practical aspect of this concept is presented through the use of open-book accounting, real-time reporting and continuous auditing. The implementation of PA can help to restore objectivity and break the monopoly of knowledge relating to the actual financial condition of entities. Keywords: participative accounting, real-time reporting, continuous auditing, open-book accounting.
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