practice in financial markets (e.g. Koller et al, 2005, CFA Institute, 2005, Penman, 2006). Yet accounting standards are under …-developed in this area, and there are gaps and inconsistencies in both IFRS and US GAAP. Drawing upon the distinction between … unreconciled ways in the literature, and, second, to propose a practical basis for accounting standard-setters to determine …