apskaitos

Apskaitos, in its broad sense, is the systematic recording, measuring, and communication of financial information about economic entities. It supports decision making by providing structured information to managers, investors, creditors, regulators, and other stakeholders. The field encompasses financial accounting, management accounting, auditing, taxation, and financial reporting.

Core methods include double-entry bookkeeping, accrual basis accounting, and the accounting equation: assets equal liabilities plus equity. Concepts such as reliability, relevance, comparability, and faithful representation underpin financial reports. The main output is a set of financial statements: the balance sheet, the income statement, the statement of cash flows, and the statement of changes in equity.

Standards and reporting practices vary by jurisdiction but are guided by national accounting standards and international frameworks. The International Financial Reporting Standards (IFRS) are widely adopted for external reporting, while many jurisdictions use generally accepted accounting principles (GAAP) or local standards for statutory purposes. Companies may also prepare management accounts for internal use, including budgeting and cost analysis. Auditing provides independent assurance on the fairness and accuracy of financial statements.

History and evolution: modern accounting developed from early trade practices and was formalized in the early modern period, with Luca Pacioli often cited for his treatment of double-entry bookkeeping in 1494. Today, accounting benefits from digital technologies, data analytics, and automated systems, transforming recording, reporting, and assurance processes and increasing the demand for transparency and regulatory compliance.