The study of accounting theory is relevant for academics and for those who are directly involved in practical activities related to applied accounting. This work focuses on the inappropriateness of traditional concepts in the study of accounting conservatism, objectivity and historic cost as a value base - emphasizing the need for changes and breach of paradigms. The development of this study shows the importance of "Responsible Subjectivity", defended by Sérgio de Iudícibus and other academics, as well as the need to consider the relevance of subjective aspects for information quality in the decision making process and in the present economic context.
objectivity; responsible subjectivity; information quality; decision making process