For some privately-held firms, the costs of providing high-quality accrual-based financial statements may outweigh the benefits of accommodating the demands of their stakeholders who may rely more on cash flows or have direct access to management. For other private firms, greater stakeholder...

Motivated by the European Union (EU) decision to mandate application of the International Financial Reporting Standards (IFRS) to the consolidated financial statements of all EU listed firms (Regulation (EC) 1606/2002), starting in December 2005, we compare the value relevance of accounting...

"Amendments to IFRS No. 9 with respect to classification, measurement and impairment of financial instruments. In addition, current events have focused public attention on the key role of accounting in providing information useful to decision makers. The CPA exam, too, is redirecting its focus...