In 2008, the FASB and the IASB, in collaboration, issued an exposure draft of a conceptual framework for financial reporting. The boards agree that decision-useful information should be the main feature of financial reporting. The boards ignore, however, the fact that information asymmetry,...

Although bonds account for the largest trading volume of transactions in the Brazilian financial market, most studies of the quality of accounting information focus on the stock market. Considering that many studies suggest that the institutional and organizational environment affects firms’...