Hi PK,
The approval is required usually for purchasing documents, specially whenever the company is buying some materials/services and spending money on the procurement activities, which needs to be approved by the superiors depends on the amounts and limists.
Info-record is a master record, it just contains the pricing conditions for a particular materials and vendor.
If it is really required from your client then it can be controlled by implementing a customized workflow and also can be controlled with custom table having a custom tcode for changing the status of info-record by the authorised user.
Regards,
Anoop Singh