Provides documentary evidence(s) for transactions: For each and every transaction there will be a source document, such as purchase invoices, cash receipts, payment vouchers, and/or sales invoices, which make information provided by financial statements reliable.
Financial statements will be prepared as per standards: Financial statements will be prepared in accordance with the GAAP (Generally Accepted Accounting Principles) standards that urge the importance of the objectivity concept in accounting.
Support in making better decisions: Since financial statements will be prepared with solid evidence, it will be much easier for the management and other stakeholders to make crucial decisions related to cost management and investments.
Allows and enables verification with source documents: Since the concept allows verification with source documents, financial statement analysis of different periods and with other firms becomes easier and depicts the actual position of the firm.
There are various assumptions made in accounting to estimate certain expenses or contingencies. For example, the percentage of accounts receivables that will not be recovered in the coming period is assumed. Provisions are created to cover these contingencies. In this case, the objectivity concept should be followed. Assumptions should be made based on experience, past and current trends, and objective data taken from previous yearsâ€™ financial statements. The assumptions should be justified and backed in the form of footnotes given below the income statement and balance sheet.
The Main Concepts Related to the Objectivity Concept
Reliability Concept: The objectivity principle highlights the importance of reliability in financial information, which can directly impact the financial position of an organization. The reliability concept states that only those transactions will be entered in the books that are backed by source documents, or evidence, available to prove their authenticity. It supports the fact that financial statements should be true and fair and should also be free from bias. Example: When the company purchases equipment, they should also have the invoice with them in order to prove the reliability of the transaction.
Verifiability Concept: The verifiability concept is aligned with the objectivity concept. As per this concept, a third party should be able to reproduce the financial statements of the firm with the same facts and assumptions that were used by the firm in preparing the financial statements. If a third party, say an auditor, is able to do so, it means that the financial statements produced by the firm are accurate.
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