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The International Accounting Standard Board (IASB) aimed to increase the decision usefulness of firms' risk disclosures with the 2007 introduction of the International Financial Reporting Standards (IFRS) 7. Specifically, listed firms were mandated to provide information to the market on both...
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Recent financial scandals, notably Enron and WorldCom, have demonstrated the considerable defects in the regulation and practice of financial reporting. Financial reporting statements are scorecards of the economic performance of business entities. These statements are designed to “provide...
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