Abstract
Our paper (1) documents public companies' most frequent choices of critical accounting policies, (2) tests whether the number and quality of critical accounting policies disclosures increased from the first to second year after the release of SEC cautionary advice on critical accounting policy disclosures, and (3) tests whether the quality of critical accounting policy disclosures is significantly associated with information asymmetry. Our results show an increase in the number and quality of critical accounting policy disclosures and a significant association between the quality of those disclosures and a proxy for information asymmetry.
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