Abstract

In the past 30 years, the change from a principle-based system to a rule-based system led to both improvements and complications in financial reporting. The quality and amount of information available to analysts were enhanced, but questions have emerged about issues related to earnings quality. Major unresolved problems include the treatment of special purpose entities, synthetic leases, employee stock options, the form and content of financial statements, revenue recognition, and smoothing of earnings volatility.

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