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Comprehensibility
. Information may be difficult to understand because it is scant or incomplete; 
but too much detail is also a defect which can cause difficulties of understanding. 
(c) 
Reliability
. Information will be more reliable if it is independently verified. The law requires that 
the accounts published by limited companies should be verified by auditors, who must be 
independent of the company and must hold an approved qualification. 
(d) 
Completeness
. A company's accounts should present a rounded picture of its economic activities. 
(e) 
Objectivity
. Information should be as objective (free from bias) as possible. In the context of 
preparing accounts, management may be inclined to paint a rosy picture of a company's 
profitability to make their own performance look impressive. 
(f) 
Timeliness
. The value of information decreases if it cannot be used to impact events. 
Increasingly, organisations need 'real-time' information to enable informed decision-making. 
(g) 
Comparability
. Information should be produced on a consistent basis so that valid comparisons 
can be made with information from previous periods and with information produced by other 
sources (for example the accounts of similar companies operating in the same line of business). 
1.5 The structure of the accounting function 
In UK companies, the head of the accounting management structure is usually the 
finance director
. The 
finance director has a seat on the 
board of directors 
and is responsible for routine accounting matters 
and also for broad financial policy. 
In many larger companies the finance director has one or more deputies below him.
(a) 
Some responsibilities of the 
Financial Controller

Routine 
accounting 

Providing accounting reports for other departments 

Cashiers' duties and cash control 
(b) 
Management accounting is such an important function that a