Conceptual Boundaries Between Subjectivity, Creativity And A Reliable Image Of Financial Statements

The aim of this empirical study is to draw the line between the often unavoidable subjectivity of the professional accountant, and the creativity he has and cautionary employs in preparing and/or certifying financial statements. We turn our attention to the sensitive points of the financial statements, such as the classification of short-term or long-term loans, the recognition of written off debt versus income, or the restatement of uncertain receivables. We wish to clarify the accuracy of financial statements, the extent to which they are influenced by the creativity of the professional accountant and the extent to which the professional’s subjectivity affects the decisions of users of accounting information. The purpose of this article is to answer some of the inherent questions which weigh on us, such as: How do we mitigate the damage caused by financial statements whose accuracy has been affected, knowingly or unintentionally? How can we ensure a high degree of confidence in our financial statements? The responsibility for ensuring the conformity and quality of the information presented lies solely with the professional accountant who, by using well-known techniques and methods, which have been adapted to each client, is able to generate highly precise financial statements. The results of the study will indicate the factors that can influence the reliability of the patrimonial image and the implications on the accuracy of financial statements, having the role of leading us in a new direction of research: the possibility of labeling and marking highly precise financial statements.