Introduction to Weighing Up the Costs and Benefits
After read the preceding sections you might feel that, while concerning a piece of accounting information, given the four major qualities that are identified is available and it is material it should be gathered and made presented to users. Unfortunately, there is one more obstacle to jump. Somewhat may still not include a piece of accounting information from the reports even while it is referred to be helpful. In theory, a specific item of accounting information has to be produced if the costs of providing it are less than the advantages or value, to be derived from its use.
Figure 1.2 depicts the relationship among the costs and value of providing additional accounting information.
Figure: relation between cost and value of providing additional accounting information
The diagram depicts how the value of information received through the decision maker eventually starts to refuse. This is may be since additional information becomes less relevant, or due to the problems that a decision maker might have in processing the sheer quantity of information provided. The costs of giving the information though will get increase with each extra piece of information. The broken line demonstrates the point on which the gap among the value of information and the cost of giving that information is at its greatest. This demonstrates the optimal amount of information that can be given. This hypothetical model, though, poses a number of problems in practice. We shall now continue to discuss these. To demonstrate the practical problems of establishing the value of information, let us suppose that someone has collided with our car in a car park and dented and scraped the paint from one of the doors. We want to have the dent take place and the door re sprayed at a local garage. We make out that the nearest garage would charge £250 but believe that other local garages may provide to do the job for a lower price. The only method of discovering the prices at other garages is to visit them, that is why they can see the extent of the damage. Visiting the garages will include using some petrol and will take up some of our time. Is it worth the cost of discovering the price for the job at the several local garages? The reply is that if the cost of finding out the price is less than the potential benefit, it is worth containing that information.
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