In verifying disclosure requirements the major issue for accounting standards
would be the quality of accounting information.
Accounting information could be defined as a facilitative instrument used by companies to convey the achievements of their business operations. What this means is that business enterprises have many operational activities but may not have an easy way of articulating these operational achievements. This is because such articulation would require quantification of the operational activities. Hence, due to the accountants’ knowledge and expertise, companies tend to employ the
accountants to help in the quantifying of business activities which results into
accounting information.