This paper reports the results of a study of disclosure of loans made by listed Australian companies to their directors. Thirty six percent of the surveyed companies disclosed outstanding loans to directors. The author explores the implications of the results of the study, noting that the...

Different from prior studies which discussed the relationship between GAAP and pro forma earnings from the informativeness perspective, this study presents a detailed discussion about the importance of presentation arrangements of pro forma disclosures. The results show that managers are able to...