Contemporary Accounting Aspects of Business Decision in Strategic Management

Abstract

The management of each business entity at all its organizational levels makes business decisions. The
business decision-making process is based on the use of accounting information. The impact of globalization, the
internationalization of business leads to the need for the primary concept of financial reporting for the entity as a
whole, complemented with various internal financial reports, and financial reports on the identified organizational
units of the entity, so that management can make quality and timely business decisions. After the global financial crisis
in 2008, the entities perform a large number of future business forecasts within their planning activities. All planning
activities involve the use of accounting information. Making business decisions is unthinkable without quality
accounting information that is contained in the entity's unique information base. Modern business conditions that
involve financial reporting with the use of a single information system, has completed the traditional aspect of
financial reporting. The subject of this research relates to qualitative analysis of contemporary accounting aspects of
business decision making. Guided by the objective of this research, the authors want to point out the importance of
financial reporting during the decision-making process in strategic management. The research method used in this
paper implies qualitative research design, and as sources, the latest available scientific papers and other publications
are analyzed, as well as official documents of competent institutional bodies.