Recently, the SEC's Division of Corporation Finance (CorpFin) has added an additional guidance to its Financial Reporting Manual (FRM) with respect to the disclosure for goodwill. For firms at a risk of failing the step one of goodwill impairment test, this guidance recommends that firms...

This paper presents a model of voluntary disclosure in which the manager's information about the firm's value is granular, i.e., consists of a large random number of imprecise signals. Using an argument in the spirit of the Bernstein-von Mises theorem, we show that there exists a simple...

This paper analyzes in a spatial framework how much information a seller discloses about the variety he sells when he faces a buyer with a privately known taste for variety. I identify an equilibrium in which, for each possible variety, the seller's optimal strategy consists of either fully...

FASB Interpretation No. 48 (FIN 48) requires firms to disclose a forecast of significant changes in unrecognized tax benefits (UTBs) that are reasonably possible to occur within 12 months of the reporting date. According to paragraph 21(d), the “look-forward” disclosure, a firm must disclose...